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Tuesday, December 28, 2010

Sold: Ocean Resort Hotel Waikiki

Another Waikiki hotel will be getting a facelift: The Ocean Resort Hotel Waikiki, a 451-room property located on the Diamond Head side of Waikiki at the intersection of Paoakalani and Kuhio Avenues, was acquired last week for an undisclosed sum by Chartres Lodging Group, a San Francisco-based hotel investment and advisory firm.

The purchase was a joint venture between Chartres, which is responsible for a $5-billion, 15,600-room portfolio of upscale hotels in locations as diverse as Chicago and Tokyo, and a fund managed by Morgan Stanley Real Estate Investing. Kokua Hospitality, a management company affiliated with Chartres, will oversee property operations, taking over for Castle Resorts & Hotels.

Chartres plans to spend the next 18 months overhauling the property, with renovations of the hotel lobby and 19-story Pali Tower beginning in summer 2011. When the Pali Tower reopens in Nov. 2011, the adjoining 14-story Diamond Tower will then be shuttered, with renovations expected to go through April of the following year. The complete redesign will encompass the hotel’s public areas, guestrooms and pool deck.

Posted on Tuesday, December 28, 2010 in Permalink

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Honolulu Real Estate focuses on the Hawaii housing market, condos and homes for sale, Hawaii rentals and general news about real estate in Hawaii. It also includes stories on apartment living, home decor and profiles.
 


Melissa Chang graduated from the University of Hawaii with a degree in journalism and has been blogging since 2007, mostly on food and travel. She works primarily in social media, so you can find her online @Melissa808 on Twitter and Instagram.


 


Jaymes Song is a real estate agent at Prudential Advantage Realty in Kahala. Jaymes is in the top 7 percent of Prudential agents nationwide. Previously, Jaymes was at The Orange County Register, Honolulu Star-Bulletin and rose through the ranks to overseeing news and operations for AP in Hawaii and the Pacific Rim. Jaymes lives in the Portlock area and loves his real full-time job of being dad to two curious kids.


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