On the fence about making a Maui real estate investment? You might find yourself inspired by Host Hotels & Resorts, which is acquiring 301-room Andaz Maui at Wailea, anticipating that Maui will continue to be one of the fastest growing tourism markets in the United States. Andaz is one of three hotels that they will be acquiring in the $1 billion deal, the other two being 668-room Grand Hyatt San Francisco and the other being the 454-room Hyatt Regency Coconut Point Resort and Spa in Florida, all owned by Hyatt Hotels Corp.
Host will be paying about $700,000 per room in a confident move to focus their assets in tourism hot spots like Maui. And this isn’t their first such purchase on the island. They also own Fairmont Kea Lani and the Hyatt Recency Maui Resort and Spa. Conveniently for those who work at Andaz Maui at Wailea, the hotel will continue to be managed by Hyatt brands, as will the other two hotels in the acquisition.
Andaz Maui is one of the island’s newer hotels, having opened in September of 2013 at the site that was formerly the Renaissance Wailea Beach Resort. According to a statement from Hyatt, the sale is part of their ongoing $1.5 billion permanent sell-down program.
According to Host President and CEO James F. Risoleo, Andaz is in one of the markets with stronger near-term growth than most other U.S. locations. If you’ve been checking in on our blog regularly, you’ll know that this perspective is right in line with reports from the Hawaii Tourism Authority in terms of Maui’s performance.
“We believe Maui and San Francisco will be two of the fastest growing markets in the country over the next few years,” he said in a recent statement. He noted that Maui is benefiting from strong leisure demand and improved airlift. To top it off, Andaz Maui will be one of the company’s top three hotels for RevPAR, or revenue per available room.
The same growth in tourism that makes Andaz a good investment also boost the value of residential Maui real estate, whether you plan to use your investment as a full-time residence, or rent it out for all or part of the year. If you need assistance finding the right Maui real estate investment to meet your needs, contact us. We’ll be happy to assist you through every step of the process. Mahalo!