A Japanese company has acquired the Park Shore Waikiki Hotel.

Sasada International LLC purchased the 226-room property on July 12 from the New York investment firm The Blackstone Group, said Geoff Graf, the hotel's general manager.

The price was not disclosed, but a real estate industry expert familiar with the deal said the buyer paid more than $50 million.

According to Graf, the new owners plan to renovate the property, located at the corner of Kapahulu and Kalakaua avenues across from the Honolulu Zoo.

The hotel's management company, Blackstone's LXR Luxury Resorts & Hotels, will continue to operate the hotel, Graf said.

Ken Tsuji, a local representative for Sasada, could not be reached for response. John Ford, a spokesman for Blackstone, declined comment.

The hotel purchase is the first in Hawai'i for Sasada, which is headed by Japanese investor Masanori Sasada.

According to Japan's Jiji Press, Masanori Sasada operates a relocation service company and previously invested in a chain of sports clubs in Japan.

Blackstone took over the leasehold hotel when it acquired Wyndam International Inc. in 2005. Wyndam was formerly an arm of a Dallas-based real estate investment trust, Patriot American Hospitality Inc.

Patriot acquired the Park Shore in 1997 from Japan-based Universal Express (Hawaii) Inc.

Blackstone, whose co-founders include former U.S. Treasury Secretary Peter Peterson, recently agreed to purchase Beverly Hills, Calif.-based Hilton Hotels Corp. for $26 billion.

In Hawai'i, Blackstone is part of the partnership that owns KHON-TV.

Reach Rick Daysog at rdaysog@honoluluadvertiser.com.