Ritz-Carlton Waikiki project 85 percent sold

Stephanie Silverstein  |  Reporter- Pacific Business News

More than 85 percent of the 309 luxury condominium units at The Ritz-Carlton Residences, Waikiki Beach are sold, following a private, invitation-only weekend sale event, developer Pacrep LLC announced Tuesday.

More than 85 percent of the 309 luxury condominium units at The Ritz-Carlton Residences, Waikiki Beach, seen here in this rendering, are sold, following a private, invitation-only weekend sale event.

The Ritz-Carlton Residences, Waikiki Beach is a 38-story hotel condominium project at 2121 Kuhio Ave., under development by Pacrep LLC with an expected completion date in early 2016.

The sale event was held simultaneously on Saturday in Waikiki, Tokyo and Shanghai, and broadcast through a live webcast, making it possible for potential buyers across the world to participate. More than 8,500 people participated in the webcast.

“We are very pleased with the positive response we have received in such a short time period,” Jason Grosfeld, Pacrep LLC representative said in a statement. “The success of this weekend’s event further reinforces that, for our buyers, Ritz-Carlton is by far their top choice.”

The units range from studios to three bedrooms and penthouses. Amenities include resort pools, a spa and a fitness center.

The remaining units available for purchase through the Pacrep’s sales team range in price from $750,000 to $15 million.

The sales event kicked off with an announcement that sushi restaurant Sushi Sho will open its first location outside of Japan at The Ritz-Carlton Residences project, and that ESquared Hospitality will open BLT Market, a farm-to-table restaurant on the lobby level of the building.

New York-based gourmet market Dean & DeLuca also plans to open its first store in Hawaii in The Ritz-Carlton Residences.

“The addition of The Residences along with our exciting food and beverage partners will further secure Waikiki’s position as a world-class destination and establish this as the premier neighborhood within Waikiki,” Grosfeld said.