DeBartolo invests in second Hawaii venture with Waikiki hotel purchase
DeBartolo Development LLC, which is breaking ground early next year on a $350 million regional shopping mall in Kapolei, said Thursday that it has acquired the 132-room, Aqua Waikiki Pearl hotel for an undisclosed amount.
CR Nahua LLC, an affiliate of New York-based?Ramsfield Hospitality Finance?LLC, the previous owner, bought the 21,937 square-foot leasehold property at the corner of Nahua Street and Kuhio Avenue, which was then called the Honolulu Prince Hotel,?for $7.7 million in 2008. The Queen Emma Land Co. is the landowner.
Previously, Japan-based Prince Co. Ltd. bought the hotel in 1997 for about $8.6 million.
The Aqua Waikiki Pearl also includes 5,300 square feet of leased retail space.
In 2008, the 10-story hotel underwent an extensive 13-month repositioning and rebranding including the renovation of guestrooms, exterior and public spaces.
The total value of the property at 415 Nahua St., which is managed by Aqua Hotels and Resorts, is about $9.5 million, according to tax records.
The hotel property is Florida-based DeBartolo Development?s second venture on Oahu. THe company is also developing the 1.4 million square-foot Ka Makana Alii project, the first regional shopping center to be built on Oahu in more than three decades and expected to be the third-largest regional mall in Hawaii.
DeBartolo said it is currently completing entitlement permits for the project.
?DeBartolo Development has been invested in the Oahu community for decades, dating back to when the DeBartolo family brought the San Francisco 49ers to the island for Super Bowl celebrations and recently with the development of Ka Makana Alii in Kapolei,? DeBartolo Development President and Chief Operating Officer?Edward Kobel?said in a statement.
PBN first reported?that DeBartolo Development was under contract to redevelop a Waikiki hotel on Kuhio Avenue as well as another venture that included a boutique hotel in the state?s tourism mecca.