A Maryland-based lodging and real estate investment firm said Wednesday that it has entered into an agreement to acquire the 450-room Turtle Bay Resort and nearby land for at least $680 million.

Host Hotels &Resorts Inc. said the purchase is expected to close in late July, at which time it will transition management to Marriott and flag the hotel with the Ritz-Carlton brand.

The deal includes a 49-acre parcel “entitled for development,” the company said in a news release. The purchase price is $630 million for the 1,180-acre resort and $50 million for the parcel, company officials said.

Current owner Blackstone Group bought the resort in 2018. During the pandemic, the resort underwent a comprehensive renovation and was closed from March 2020 to June 2021.

In a news release from Blackstone, the company said the purchase price was $725 million.

Rob Harper, head of Blackstone Real Estate Asset Management Americas, said, “This transaction is an excellent outcome for our investors and a testament to Blackstone’s ability, including through the pandemic, to transform iconic, luxury hospitality assets. The team executed an ambitious business plan, investing significant capital to reposition the resort for long-term success while also adding high-quality jobs on the North Shore.”

Blackstone, the largest owner of commercial real estate globally, purchased the property from Oaktree Capital Management in 2018 for $332.5 million. The company didn’t say how much it spent on the resort’s transformation.

Also on Wednesday, Blackstone announced the closing of a separate sale of 65 acres at Turtle Bay to Arete Collective, “a vertically integrated development company known for sustainable development practices that prioritize climate resilience.” Arete Collective is headquartered in Salt Lake City.

The 65-acre sale brings the total proceeds generated from the hotel by Blackstone to $768 million, the company said.

In Host’s announcement, James F. Risoleo, president, CEO and director, said the Bethesda, Md., company was “thrilled” with the acquisition of Turtle Bay Resort.

“We look forward to working with employees and local partners to build upon the Resort’s preeminent position on the North Shore of Oahu,” Risoleo said. “With the planned Ritz-­Carlton rebranding, we believe the Resort will generate out-sized growth as it stabilizes” following the renovation closure.

Hawaii Tourism Authority Chairman Mufi Hannemann welcomed the sale and said he was glad Marriott and Ritz-Carlton were part of the deal. They are companies that know Hawaii well and understand how to combine responsible destination marketing with responsible destination management, making sure that local folks are engaged with how tourism is conducted locally, he said.

The former Honolulu mayor said the sale demonstrates that investment in Hawaii tourism remains strong despite a summer market that isn’t as robust as tourism officials would like.

“It shows that Hawaii is still a great place to invest in and a great tourism brand,” Hannemann said.

The Turtle Bay Resort sits on 1,180 acres on the North Shore with 5 miles of beach and coastline. It features 450 rooms, including 42 bungalows with a separate check-in, and a private pool. Other resort amenities include 18,000 square feet of indoor meeting space, a club lounge, six food and beverage outlets, seven retail spaces, a spa, a fitness center, two golf courses, seven beaches, four resort pools, tennis and pickleball courts, an equestrian center, a working farm and access to 12 miles of oceanfront trails.

The recent renovation saw a face-lift of the guest rooms and bungalows, lobby, pools, restaurants, retail, meeting space and spa. The project included a new club lounge and updated exterior with new arrival experience.

Calling itself the nation’s largest lodging and real estate investment trust, Host Hotels &Resorts Inc. is an S&P 500 company and one of the largest owners of luxury and upper-upscale hotels. The company said it owns 74 properties in the United States and five properties internationally for a total of 42,700 rooms.

In Hawaii, Host already owns the Fairmont Kea Lani, Maui; Andaz Maui at Wailea Resort, Hyatt Regency Maui Resort and Spa in Kaanapali, and Hyatt Place Waikiki Beach.

Host did not say what it is planning for the 49-acre parcel, and Arete Collective could not be reached for its plans for its 65 acres.

Margaret Parmacio, board member with the Defend Oahu Coalition, said her group will definitely keep an eye on any new development planned for the Turtle Bay property.

“We haven’t been very active lately but you can be certain we will be following what’s going on there,” she said.

Sierra Club of Hawai‘i Director Wayne Tanaka said his organization also will be keenly interested in any projects that might have a chance of adversely affecting the North Shore.

Development plans by the Turtle Bay Resort 15 years ago were challenged in court by a handful of environmental groups, including the Sierra Club, over potential impacts to the shoreline ecosystem. The suits were eventually settled.