A partnership led by a Colorado-based hotel investment firm has bought the 555-room Waikoloa Beach Marriott hotel on Hawaii island from a New York-based investment firm for an undisclosed price.
The buyer, SMG I Hotel Waikoloa LLC, is a joint venture between Denver-based Silverwest Hotel Partners LLC and two other mainland firms, Mariner Real Estate Management and an affiliate of Global Endowment Management.
An affiliate of Blackstone Real Estate Advisors was the seller. Blackstone bought the hotel on 16 acres of oceanfront land in 2004 for $57 million from local hotel operator Outrigger Enterprises.
Silverwest said it plans to keep Marriott as the manager of the hotel.
Silverwest is somewhat of a fledgling company led by a veteran hotel industry operator. The company was founded in 2013 and is developing two hotels, a 113-room Element by Westin in Basalt, Colo., and an 88-room Hampton Inn and Suites in Silverthorne, Colo.
The company’s co-founder and managing partner is Edward Mace, the former vice chairman of Fairmont Hotels & Resorts who helped buy the Fairmont Kea Lani hotel on Maui in 2001.
Mace called the Waikoloa Beach Marriott an outstanding hotel in a great location.
“The Big Island is recovering nicely, and we look forward to a long and successful relationship with the property,” he said in a statement. “It is a solid brand in a unique location on fee simple oceanfront land in one of the great destinations of the world.”