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Turtle Bay owners looking to sell stake

  • COURTESY TURTLE BAY

    Turtle Bay Resort’s 60,000 square-foot “green roof” is made up of native Hawaiian seashore plants and river rocks.

The owners of Turtle Bay Resort are looking to sell a stake in the North Shore property or partner with new investors as plans advance to develop more hotel rooms and residential units allowed under a master plan.

Chicago-based estate brokerage and investment management firm JLL announced Tuesday that it has been retained by Turtle Bay to solicit a capital injection for the resort.

“Turtle Bay Resort represents a generational opportunity to invest in a high profile existing property and a development opportunity which is extremely difficult to replicate in Hawaii,” John Strauss, a JLL director, said in a statement. “With the recently approved entitlements, the timing is ideal for ownership to explore investment and recapitalization opportunities to help Turtle Bay achieve its full potential.”

A consortium of lenders that included Credit Suisse Group and Wells Fargo & Co. took over roughly 1,300 acres of land that includes the existing 452-room hotel, two golf courses, undeveloped resort land and some adjacent farmland in 2010 from Los Angeles-based real estate investment firm Oaktree Capital Management LP after Oaktree defaulted on debt tied to the property following its own development efforts.

The current owners of the resort have plans to add 725 residential, timeshare and lodging units.

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  • I wish the SA would show a schedule of ownerships–this has never worked out. Absolutely beautiful view, great surf, but to get there???? We really need infrastructure to make it work out, but with the massive debt from the rail–no way!! Sell it to foreign investors who only see the pictures and not the location.

    • About right, like got a bridge in Brooklyn that is selling dirt cheap, interested? A seemingly attractive investment opportunity with an enormous appetite for cash and yet with no possibility of accomplishing intended goals due to local environmental objections.

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