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.