The transaction will include the Kanehide Kise Beach Palace and money to be spent on renovations, the people said, asking not to be identified as the matter is private.
Blackstone has bought a Ritz-Carlton resort in Okinawa and is purchasing another hotel on the Japanese island in a deal worth about JPY20 billion ($176 million), according to people with knowledge of the matter.
The US alternative asset manager bought the 97-room Ritz-Carlton, which is located in a country club, from Kanehide Holdings, a closely-held company involved in a broad range of industries in Japan’s southernmost prefecture.
