Mauna Lani reopens following $200M renovation 1/16/20

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KAILUA-KONA — The Mauna Lani reopened Wednesday following a 14-month, $200 million renovation of the South Kohala resort property.

Now featuring 295 rooms, 38 suites and five private bungalows on 32 acres at Kalahuipua‘a, Mauna Lani, Auberge Resorts Collection, will define “a new era of experiential luxury on the Island of Hawaii.”

“It’s a big transformation,” Sanjiv Hulugalle, Mauna Lani vice president and general manager, said Wednesday afternoon after welcoming guests back to the property.

The Mauna Lani, which opened in 1983 and was last renovated in 2013 at a cost of $30 million, closed in October 2018 for the “resortwide re-imagination and renovation.”

The closure triggered the temporary layoff of about 400 employees, however, some 300 returned post renovation supplemented by more than a hundred people hired during a job fair last fall. The hotel expects to hire more employees in the coming months bringing its staff close to 550 persons, according to Hulugalle.

“Mauna Lani has been one of Hawaii’s best loved resorts for over three decades. It is an unsurpassed destination,” Hulugalle said. “On behalf of our team, we are honored and delighted to reintroduce this iconic property that celebrates the people of Hawaii, sparks curiosity and discovery, and remains anchored by the special atmosphere of Kalahuipua‘a.”

Designed by New York-based Meyer Davis, a contemporary-yet-organic sensibility defines the resort’s interior design. The guest rooms and suites are brighter and feature more refined rich hardwoods, natural fabrics and textures while the resort’s iconic bungalows comprise 4,000 square feet with indoor and outdoor living space.

The newly renovated resort also features a refreshed spa and fitness facility and expanded pool offerings with the addition of a family pool and an adult infinity-edge pool to its original resort pool. There are also new shops, and more food and beverage offerings with five restaurant/lounge choices instead of two.

“The CanoeHouse is an iconic restaurant, we kept it, but we reinvented it and really brought it back to life again,” Hulugalle said. “It’s the most beautiful space overlooking the ocean, right on the beach side.”

In addition, the resort is unveiling its Kainalu Sports recreation and activities program and retaining its Holoholo Kids Crew and Hale ‘I‘ike Cultural Center programs.

Kahu Danny Akaka Jr. remains a mainstay as the resort’s “kahu hanai,” or knowledge keeper. Akaka and his team lead dynamic, educational tours of the resort’s ancient fishponds and petroglyphs, and during each full moon they host Twilight at Kalahuipua‘a for hotel guests and residents alike to gather for music and storytelling.

“We’ve preserved the cultural, the core values of Mauna Lani, the cultural elements — what truly Mauna Lani is,” Hulugalle said.

Island of Hawaii Visitors Bureau Executive Director Ross Birch said Wednesday that the resort is coming back online with a “whole brand new product” at just the right

“Any hotel inventory we can get back online is definitely needed,” he said.

According to the Hawaii Tourism Authority, 77.8% of rooms on the Kohala Coast were occupied in November, the most recent month for which statistics were available as of press time Wednesday. Occupancy for the 11 months ending Nov. 30 hovered at 77.6%, higher than 2018 and 2017 when occupancy averaged 70% and 73.4%, respectively.

“We saw the occupancy toward the end of last year — and now starting with this year — climb back up again,” Birch said.

Regulations on vacation rentals on the Big Island will also fuel occupancy as demand for hotel rooms is expected to increase with fewer short-term rentals available, he added. Kayak.com also recently revealed Hawaii Island was the most searched destination last year.

“2020 is really turning out to be a really good-looking year as we look forward,” Birch said, “so having those additional rooms is really going to help out making sure we can accommodate our visitation.”

Birch also sees the resort attracting a new customer to the island as it will target high-end clientele, which could have a positive effect on visitor spending. Through November 2019, visitor spending declined 2.8% to $2.06 billion compared to 2018, Hawaii Tourism Authority data shows.

“Our spend has been stagnant for the last couple of years, but we’re looking at this hotel now to kind of us get us up a little higher and see our spend numbers go up,” he said.

Stephanie Donoho, administrative director of the Kohala Coast Resort Association, said the association is “thrilled” for the resort’s reopening as it opens up coveted meeting space, which she termed as the “bread and butter” for resorts.

“It has been a long undertaking to get the Mauna Lani reopened and we can’t wait for them to be fully operational and just running full steam ahead,” said Donoho.

The Mauna Lani is the first Auberge Resorts Collection property in the Hawaiian Islands. Auberge’s portfolio includes 19 hotels and resorts across three continents.

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Hotels top Hawaii’s list of largest commercial real estate sales in 2017

On the list of the largest commercial real estate transactions in the state so far in 2017, are RESORT three major Hawaii hotels on three islands top the according to PBN research.

Topping the list was the sale of the former Pacific Beach Hotel, which has been rebranded and reopened last week as the Alohilani Resort Waikiki Beach following a $115 million renovation. Commerz Real, a subsidiary of Germany’s Commerzbank, paid a reported $515 million to buy its first Hawaii asset for the open-ended real estate fund Hausinvest, although the amount on the deed dated April 26 was $361.27 million, according to public records.

The second-highest price was the $317 million that the team of Honolulu-based Trinity Investments and Los Angeles-based Oaktree Capital paid for The Westin Maui Resort & Spa in Kaanapali, a leasehold property, also in April.

In August, a joint venture between an affiliate of California-based real estate company ProspectHill Group and longtime Hawaii hotel executive Pat Fitzgerald bought the Mauna Lani Bay Hotel & Bungalows on the Big Island. Terms of the deal were not disclosed, but the amount on the Aug. 1 deed was more than $195.68 million, making it the third-highest sale so far in 2017.

Other hotels that changed hands in 2017 include The Courtyard Kauai at Coconut Beach, which was acquired by KSL Capital Partners — the Denver-based company that bought Outrigger Hotels — for $61.58 million in August. KSL plans to reposition the 311-room hotel as a full-service beachfront resort under the Sheraton brand following a yearlong renovation.

Another Courtyard by Marriott-branded hotel, the Courtyard Maui Kahului Airport, changed hands in May, with an entity with Japan ties called SPMH Maui LLC paying $39.2 million for the property, according to public records.

Several large retail transactions were among the 10 largest so far in 2017, led by the $70 million sale in March of Pearlridge Uptown II to Washington Prime Group, which already owned the Downtown and Uptown portions of the mall. The seller was Honolulu-based BlackSand Capital, which had acquired the former J.C. Penney building and a separate building for some $36.4 million in 2011.

Walgreens’ Hawaii flagship store on the corner of Keeaumoku Street and Kapiolani Boulevard sold for $42.25 million in a transaction that closed in July, the sixth-highest price paid so far in 2017. The buyer was a Los Angeles-based Korean investment fund called Haeri Hacienda Plaza LLC, while the seller was an affiliate of Salem Partners and Argosy Real Estate Partners, which are redeveloping the former Heald College building next door as a $549 million hotel-condominium project, with 68 affordable senior rentals atop the Walgreens parking structure.

The former Kmart building near Maui’s Kahului Airport was recently sold to Amerco Real Estate Co., an affiliate of U-Haul, for $26.77 million, making it the ninth-highest sale so far this year. U-Haul plans to turn the building into a moving and self-storage facility with more than 1,000 storage units. The seller was an affiliate of Hendricks Commercial Properties in Beloit, Wisconsin.

The former Hawaii Tokai International University building on Kapiolani Boulevard was sold in September for $35 million, the eighth-highest sale this year, to an entity formed by Los Angeles-based Kennedy Wilson and former Hawaii hotel executive Ben Rafter, who plan to turn the 19-story building into a private student dormitory.

And the 10th-highest sale so far in 2017 was a 36.4-acre parcel of vacant industrial land at Kapolei Business Park West that sold to a joint venture of Avalon Development Co. and Chicago-based Walton Street Capital for $25.5 million.

Here are the 10 largest commercial real estate transactions so far in 2017:

  1. Pacific Beach Hotel/Alohilani Resort Waikiki, Oahu, April 26, 2017, $361.27 million
  2. The Westin Maui Resort & Spa, Kaanapali, Maui, April 2017, $317 million
  3. Mauna Lani Bay Hotel & Bungalows, Big Island, Aug. 1, 2017, $195.68 million
  4. Pearlridge Uptown II, Aiea, Oahu, March 3, 2017, $70 million
  5. Courtyard Kauai at Coconut Beach, Kapaa, Kauai, $61.58 million
  6. Walgreens, Honolulu, Oahu, July 19, 2017, $42.25 million
  7. Courtyard Maui Kahului Airport, Maui, May 22, 2017, $39.2 milliom
  8. Former Tokai University building, Honolulu, Oahu, Sept. 8, 2017, $35 million
  9. Former Kmart building, Kahului, Maui, Oct. 17, 2017, $26.77 million
  10. Kapolei Business Park West land, Kapolei, Oahu, June 28, 2017, $25.5 million

 

Developer plans ‘5-star’ beachfront condos at resort on Hawaii’s Big Island

A California developer plans to turn a former tower of the Hapuna Beach Prince Hotel at Mauna Kea Resort on Hawaii’s Big Island into a “five-star” beachfront residential condominium.

Kevin Hayes of La Jolla-based West Point Investment Corp. told Pacific Business News that, subject to approvals from Hawaii County, his firm plans to turn the 96-room hotel tower into a 56-unit residential condominium with one-, two-, three- and four-bedroom units with sizes ranging from 700 square feet to 3,500 square feet.

The 8,000-square-foot villa will be renovated and marketed as a single-family home, he said.

“Our development goals are to deliver a five-star residential product that will be easily the finest toes-in-the-sand condominium residences on the island of Hawaii,” he said.

Construction on the tower will commence once the project receives approval from county planners and building permits are issued. Swinerton Builders is the general contractor on the project, which is being designed by Stephen Ewing of Waimea-based de Reus Architects and Marion Philpotts-Miller of Honolulu-based Philpotts Interiors.

While the project itself does not have a common swimming pool — buyers will be able to purchase resort amenities, including access to the golf course, through The Club at Mauna Kea — 11 ground-floor units will have private pools, as well as access to the beach, he said.

Hayes declined to provide the cost of the project, and said pricing of the units has not been set. The developer still needs to file its public condominium report with the Hawaii Real Estate Commission.

While the project is not taking reservations, the developer said 150 people have submitted names for an interest list through a website set up for the project.

“We’re not allowing folks to reserve units yet,” he said. “I expect the interest level will be very high.”

West Point Investment Corp., along with financial partner Angelo, Gordon & Co. of New York, paid $55 million for the hotel’s beachfront tower and a separate four-bedroom villa, the hotel had marketed as its presidential suite, last year. Prince Resorts Hawaii is using proceeds of the sale to renovate the Hapuna Prince and rebrand it as The Westin Hapuna Beach Resort.

“I’m excited about the Westin being there,” Hayes said. “I would argue that the hotel facility is going to be a five-star facility, but they already have a five star resort [with the Mauna Kea Beach Hotel next door]. As Westins go, this is going to be one of the finest in the world.”

Hayes has developed and sold other properties on the Big Island, in the Puako area, as well as projects in ski resort towns such as Vail, Colorado.

“The common theme of my developments is I develop properties in places where I feel a special relationship exists with other influences to enhance the value of our properties to the benefit of my buyers,” he said, noting that Vail Resorts is constantly upgrading its resort and skiing facilities. “I like investing in communities with a sponsorship with that mentality of continually making the resort better for the user.

“With Seibu Holdings (the Japan-based parent of Prince Resorts Hawaii) I have the same thing,” he said. “They’re the master owner of these magnificent hotels and golf course. They’re also investing in the resort and I feel it’s going to be a win-win for the end consumer.”

Provided  By Janis L. Magin, Pacific Business News 8-18-17

Larry Ellison’s shuttered Lanai resort to undergo $75M makeover, add spa, fitness amenities

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Pulama Lanai, the company created by billionaire Larry Ellison to manage his Hawaii operations including two Four Seasons Resorts on Lanai, plans to spend $75 million on an expansion and upgrade of The Lodge at Koele, which has been closed for two and a half years, that will reduce the hotel’s room count and expand its restaurant while adding spa and fitness facilities.

Pulama Lanai’s application for The Lodge at Koele was submitted to Maui County in December. A workshop on the plan is on the Lanai Planning Commission’s agenda for Wednesday.

The bulk of the work, which is scheduled to begin in December and is estimated to take 12 months, involves the construction of 10 new spa buildings, or hales, at the rear of the 27-year-old Lanai City property, along with a spa staff support building and a yoga pavilion, according to the document filed with the county.

The plan also calls for demolishing the existing fitness center and replacing it with two new fitness facilities. The orchid house and landscape greenhouse will also be demolished, along with the existing swimming pool. In its place will be a new, natural free-form pool, and the existing lake will be modified and enlarged to a larger, free-form shape.

The project will reduce the number of guest rooms from 102 to 94. Six rooms will be converted to meeting space and four rooms will be consolidated into two large suites.

Additionally, 46 of the guest rooms will be given private gardens with Japanese onsen baths.

The hotel’s restaurant will be enlarged and extended out from the main lodge. Landscaping will also be upgraded and more parking spaces will be added, according to the plan.

“We are excited about our plans for Koele, which will include a world class wellness center,” Pulama Lanai said in a statement emailed to Pacific Business News. “We believe this project will enable us to create long term, sustainable economic growth for our island. We are undergoing the permitting process at this time and will share more information on the project as it unfolds.”

believe this project will enable us to create long term, sustainable economic growth for our island. We are undergoing the permitting process at this time and will share more information on the project as it unfolds.The Lodge at Koele closed in January 2015 to serve as housing for the construction workers working on the upgrade of the other Four Seasons resort on the island, the Four Seasons Resort Lanai at Manele Bay, which reopened early last year with fewer rooms and higher daily rates.

Pulama Lanai said in its application to the county that the majority of construction workers on the Koele project will commute to Lanai by ferry from Maui and by air from Oahu. Some workers will live on island, as rental availability permits, and some will be housed in the south wing at Koele, according to the application.

Ellison, the co-founder of Oracle Corp., acquired The Lodge at Koele and the Four Seasons Resort Lanai in 2012

 

 

 

Big Island, big growth

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Visitor spending and arrivals increased on all four major islands in Hawaii in April, with the Big Island experiencing the most gains so far in 2017 supported by increased direct air service from the U.S. and Japan.

Year-to-date arrivals to the Big Island are up 12.5 percent to 576,868, with visitors spending $857.4 million, a 20.4 percent increase from the same period in 2016.

Hawaii Volcanoes National Park, the most-visited tourist site in Hawaii in 2016

In April, seat capacity to Kona rose 12 percent, bolstering visitor arrivals which jumped 17.1 percent to 137,459, while spending increased 19.4 percent to $177.2 million.

Ross Birch, executive director for the Hawaii Visitors Convention Bureau, said overall seat capacity to Kona has increased by 30 percent in the last three years.

We are not quite up to full seat capacity, but we have been doing well to fill that gap, and we have more increased airlift on the way, Birch told Pacific Business News. There will be more direct flights to Kona from Denver with flights from United [Airlines], and American [Airlines] is increasing their flights throughout the year.

Japan Airlines will also contribute to the increased airlift with daily nonstop flights between Tokyo and Kona starting Sept. 15.

Arrivals to the Big Island from Japan increased 29 percent in April, the biggest gain of Hawaii’s four core markets. Arrivals from Canada increased 27.5 percent in April, while the U.S. West and East brought in 17.1 percent and 9.2 percent more visitors from last April, respectively.

Birch said the boost in arrivals has bolstered spending on the Island, with hotels seeing the largest benefit through increased occupancy and higher daily rates.

The Grand Naniloa Hotel Hilo, which was rebranded as a DoubleTree by Hilton after a $30 million renovation in November, has been experiencing recent boosts in business, according to Theresa van Greunen, director of public relations and promotions for Aqua-Aston Hospitality, which manages the hotel.

We are seeing more business come from travelers who fly in to Kona and out of Hilo, and we believe the Grand Naniloa, being the only globally recognized hotel on the eastern half of the island, is a big reason why travelers are spending more time there, van Greunen told Pacific Business News.

She added that the $30 million investment in the hotel has supported the revitalization of Banyan Drive, which will bolster tourism gains to the Big Island in the future.

Narrowing the gap

Revenue per available room for Big Island hotels was $212.59 during the first quarter, according to the preliminary figures released by Hospitality Advisors LLC and STR Inc. last month. Hotel occupancy was 80.7 percent and room rates averaged at $263.53.

Statewide, occupancy for Hawaii hotels in the first quarter was 81.7 percent, while the statewide average daily rate was $272.72.

The Island has always been behind on occupancy and rate, but we are now catching up to the crowd and we are on pace to narrow the gap and hopefully outperform other Islands as we move forward, Birch said, adding that vacation rentals have also been performing well on the Island, though this has not negatively affected traditional accommodations.

There has also been large increases in day-trip visitors to the Island, which Birch said is partly due to heavy activity from the Kilauea volcano at Hawaii Volcanoes National Park.

There is a lot of demand for activity companies on the Island, Birch said. We see that rental car companies as well as tour group companies are doing extremely well, from zip lining to waterfall hikes to viewing the volcano.

Hawaii Volcanoes National Park, the most-visited tourist site in Hawaii in 2016, according to PBN research, works to repair infrastructure and maintenance issues as visitor counts continue to rise.

The Big Island site, which spans 333,086 acres, brought in 1.9 million visitors last year who spend nearly $160 million in local regions, the most visitation and spending out of Hawaii’s four national parks in 2016, according to a recent National Parks Service report.

Jessica Ferracane, public affairs specialist for the park, said visitation and spending has grown steadily over the past few years alongside tourism numbers for the Big Island, which saw a total of 1.5 million visitors in 2016.

The approximately 400,000 additional visitors last year show that this site is valued by our residents as well as tourists,” she said.

Visitor expenditures from the park supported 1,900 jobs and $199.9 million in economic output for Big Island communities.

On June 1, entrance fees at Hawaii Volcanoes National Park will increase, marking the last phase of a three-year incremental plan to meet national standards for parks with similar visitor amenities.

Katie Murar, Reporter, Pacific Business News 6-2-17

 

Hawaii has 4th-highest percentage of millionaire households

Hawaii is ranked fourth among states with the highest percentage of millionaire households, according to the 2016 Phoenix Wealth & Affluent Monitor, a study released by Phoenix Marketing International.

Hawaii declined one place in 2016, according to the report, which ranks the ratio of millionaire households to total households.

With a millionaire household percentage of 7.35 percent, the Aloha state is No. 4 out of all 50 states and the District of Columbia, according to the study.

Nationally, the study found that nearly 6.8 million U.S. households, approximately 5.5 percent of all U.S. households, had $1 million or more in investable assets, representing a 4 percent one-year increase in the number of millionaire households, or nearly one-quarter of a million more households than in 2015.

The top three states with the highest percentage of millionaire households were Maryland with 7.55 percent, unchanged since 2011; Connecticut with 7.4 percent and New Jersey, which moved up a spot compared to last year’s report, edging out Hawaii with 7.39 percent.

Pacific Business News | 02-17-2017

Hawaii buyers splurge on luxury homes

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Pacific Business News – 2016-10-13

A record-high of 244 luxury homes were sold on Oahu during the third quarter, according to a new report by Coldwell Banker Pacific Properties.

A report by Coldwell Banker said 82 percent of the sales were in the $1 million to $2 million price range.
“For all sales below $1 million, 88 percent of buyers had local tax addresses,” they told Pacific Business News. “For the $1 million to $2 million price range, 73 percent were local buyers, and that number drops when you reach the $2 million and above range.
“A lot of the local market buyers are in that price range, so it’s a much bigger pool,” they said.

For the $2 million to $4 million price range, 52 percent of buyers were local, while only 35 percent of buyers were local who paid $4 million or more. The number of sales in these higher brackets decreased during the third quarter as offshore buyers are in a “wait-and-see mode,” according to Coldwell Banker.

The Coldwell Banker report is based on Multiple Listing Service data of all homes sold for $1 million and above on Oahu during the first nine months of 2016 and 2015.

During the first nine months of 2016, 640 luxury homes exchanged hands, up 11 percent from the year ago figure of 577.
In September, 101 luxury properties were sold, up 20 percent from 84 sales in September 2015. The median sale price for luxury homes was $1.25 million down from $1.4 million.
Only 12 homes priced at or above $2 million were sold last month, down 33 percent from September 2015.

The number of luxury properties in the $1 million to $2 million price range in escrow at the end of September is up by 54 percent, 137 compared with 89 last year. According to the report, this price range continues to generate a high level of demand as it is mostly driven by the local market.

“As we begin the last quarter of the year, we normally see a spike in October with sellers and buyers motivated to close on their sale or purchase before the end of the year. The escrow process normally takes 45 to 60 days from the time an offer is accepted,” they said.

The most expensive MLS-recorded home sale of September was a four-bedroom, five-and-one-half-bath, single-family home in Diamond Head for $4.8 million.

By Katie Murar

Hard Rock building bought by L.A. developer

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Pacific Business News | 2016-09-28T13:26:00-04:00

The Los Angeles developer behind Trump International Hotel Waikiki and The Ritz-Carlton Residences, Waikiki Beach, Irongate, has purchased the Hard Rock Cafe-anchored 280 Beach Walk building and its parking lot in Waikiki for $60.6 million, Pacific Business News has learned.

In 2013, PBN broke the news that the three-story, 32,586-square-foot Waikiki building was on the market for $60 million with New York real estate investment banking company Eastdil Secured marketing the property. The building stands on a 13,664-square-foot lot.

The managing principal of Irongate, Lance Wilhelm, told PBN that it currently has no concrete plans for the Beach Walk property, except to “continue stewarding the asset and to help the facility and our business partners achieve great things.”

“Our recent Beach Walk property investment is in keeping with our long-term commitment and vision in a vibrant Waikiki community where local residents live and work alongside its many national and international visitors.” “Irongate deeply appreciates the important role that Waikiki plays in Hawaii’s hospitality industry and economy,” he said.

Located next to a three-story Tommy Bahama Waikiki store and restaurant, the property has a total assessed value of about $14.5 million, public records show. Irongate also bought the property’s 2,710-square-foot parking lot at 270 Beach Walk for $900,000. That parcel has a total assessed value of $17,600.

Hard Rock Cafe occupies about 12,700 square feet of the building. Other tenants include Brandy Melville, bills Sydney and Chibo Restaurant.

Dallas-based L&B Realty Advisors LLP’s First Round Pacific LLC was the seller of the 280 Beach Walk building. In 2006, the firm purchased it for $15.25 million and then spent $45 million developing it. The project was designed by Honolulu’s Eight Inc.

The site was once a vacant lot that included a two-level parking garage fronting Saratoga Road. Before that, it featured several low-rise buildings including the Hula Hut.

Condo prices top almost $2M on Lanai

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The median sales price for a condominium on the Hawaiian Island of Lanai, which is owned by billionaire Larry Ellison, has skyrocketed to nearly $2 million, about five times the amount of the median price of a single-family home on the Pineapple Island, according to public records.

It’s worth noting that there were only three condo sales in 2015 on Lanai, down from a total of six sales a year ago.

However, the median sales price of $1.8 million was up from $1.725 million, or four percent, from a year ago, according to year-end 2015 statistics from the Realtors Association of Maui.

The median sales price of a single-family home on Lanai was $392,000, up from $350,000 a year ago.

About two years after Ellison purchased 98 percent of Lanai for $300 million, he snatched up even more property on the island, including 12 units, of which the majority were penthouses, of the Terraces Manele Bay condo complex.

The former Oracle Corp. CEO and co-founder purchased 21 resort residential properties near the Four Seasons Resorts Lanai, formerly the Manele Bay hotel, for a little more than $41 million, as first reported by PBN.

Marriott’s $12B acquisition of Starwood brings together 26 Hawaii hotel properties

Marriott International Inc.’s $12.2 billion acquisition of Starwood Hotels & Resorts Worldwide Inc. announced Monday would make Marriott the largest hotel company in the world — and one of the largest players in the Hawaii hospitality industry.

Stamford, Connecticut-based Starwood (NYSE: HOT) runs nine hotels in the Islands, and two time-share properties on Maui and Kauai that are not included in the deal. Excluding those time shares, the Starwood footprint accounts for 6,520 hotel rooms in the Islands, according to PBN data on the properties either owned or managed by each company.

They’ll join Maryland-based Marriott’s (Nasdaq: MAR) 17 Hawaii hotel and time-share properties and 4,650 hotel rooms. Together, the two companies have a combined inventory of 11,170 hotel rooms in the Islands. Click on the photos for a slideshow of some of those hotels.

The combined company would have a market capitalization of more than $30 billion.

Starwood’s Oahu properties include the Sheraton Waikiki, the Royal Hawaiian hotel and the Westin Moana Surfrider.

Marriott also runs two Waikiki properties: the Waikiki Beach Marriott Resort & Spa and Courtyard by Marriott Waikiki Beach.

Its total 17 Hawaii properties also include Marriott’s Ko Olina Beach Club on Oahu; the Wailea Beach Marriott Resort & Spa, the Marriott’s Ocean Club in Kaanapali and the Courtyard Maui Kahului Airport on Maui; the Waikoloa Beach Marriott Resort & Spa on the Big Island; and the Kauai Marriott Resort, Marriott’s Kauai Beach Club, Marriott’s Waiohai Beach Club, Marriott’s Kauai Lagoons – Kalanipuu and the Courtyard Marriott Kauai Coconut Beach.

The acquisition would be the largest hotel deal since Blackstone bought Hilton for $26 billion in 2007.

sheraton waikiki