Outrigger Hospitality Group has signed an agreement to acquire Sheraton Kona Resort & Spa at Keauhou Bay, a 509-room property in a prime oceanfront location on the Island of Hawaii.

The transaction is expected to close in mid-April 2020, at which time the property will be rebranded as an Outrigger resort.

The investment is directly aligned with Outrigger’s strategic business plan to expand its presence in Hawaii and beyond.

This will be the first full-service Outrigger resort outside of Oahu among the Hawaiian Islands.

The lush 22-acre resort is perched prominently atop dramatic lava-rock cliffs and includes more than 500 rooms and suites, as well as a spa, a wedding chapel, a traditional Hawaiian cultural centre, a fitness centre, a kid’s club, an oceanfront pool and waterslide, two restaurants, and four indoor meeting venues, including a 10,000 square-foot convention centre.

Upon finalisation of the sale, Outrigger will begin drafting a property modernisation masterplan that is aligned with the local culture and further elevates the grounds and guest experience.

Jeff Wagoner, president and CEO of Outrigger Hospitality Group, said: “Outrigger is uniquely positioned to steward this exquisite oceanfront property.

“With seven decades of leadership in Hawaii’s hospitality industry, we have a pulse on this market and look forward to sharing the legacy of this remarkable place in a responsible and sustainable manner.”

Guests will have the ability to book a stay at this property on the Outrigger website as of mid-March 2020.

This latest acquisition by Outrigger Hospitality Group comes hot on the heels of an extensive reinvestment at Waikiki Beachcomber by Outrigger and the acquisition of the onsite luxury resort rental program at Honua Kai Resort & Spa on Maui.