New hotel tower planned for Waikiki

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A new hotel project in Waikiki is being planned by a Hawaii developer with ties to a partner on the Mainland, an executive with the Honolulu architecture firm that’s part of the project confirmed to PBN.

The new tower, which is in the very early stages of the development process, would be built from the ground up — not a renovation or expansion of an existing property, Craig Takahata, vice president and managing director of WATG, told PBN.

Initial studies are being done on the property, which involves WATG’s high-rise expertise in order to maximize investment and work with development allowances, he said.

Takahata declined to identify the developer, or the exact location of the project.

New hotels built from the ground up are a rarity in the state’s tourism mecca.

There’s California developer Irongate’s Ritz-Carlton, Waikiki Residences two tower project on Kuhio Avenue, which are currently both under construction. Although this project will have a hotel component, it will include also consist of condominium for-sale units.

Plans have also been announced for redevelopments of certain existing properties, such as the King’s Village shopping center by the development team of The MacNaughton Group, Kobayashi Group and BlackSand Capital, which also is being turned into a condo-hotel, like the Ritz project.

There’s also the possible redevelopment of the Waikiki Trade Center into a hotel, according to California-based Coastwood Capital Group, the firm that owns the property.

Additionally, the 659-room Ohana Waikiki West hotel is expected to close down on March 27 for a redevelopment by the new owner — partnership that includes Honolulu’s BlackSand Capital — and reopen next year as the Hilton Garden Inn Waikiki Beach.

The Hilton Hawaiian Village Waikiki Beach Resort also is getting a new 37-story timeshare tower.

The development action in Waikiki comes as no big surprise, as the area continues to enjoy higher revenue per available room and average daily rates as well as occupancy rates.

Duane Shimogawa Reporter – Pacific Business News

New hotel tower planned for Waikiki

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A Hawaii developer is planning to develop a new hotel in Waikiki

A Hawaii developer is planning to develop a new hotel in Waikiki

A new hotel project in Waikiki is being planned by a Hawaii developer with ties to a partner on the Mainland, an executive with the Honolulu architecture firm that’s part of the project confirmed to PBN.

The new tower, which is in the very early stages of the development process, would be built from the ground up — not a renovation or expansion of an existing property, Craig Takahata, vice president and managing director of WATG, told PBN.

Initial studies are being done on the property, which involves WATG’s high-rise expertise in order to maximize investment and work with development allowances, he said.

Takahata declined to identify the developer, or the exact location of the project.

New hotels built from the ground up are a rarity in the state’s tourism mecca.

There’s California developer Irongate’s Ritz-Carlton, Waikiki Residences two tower project on Kuhio Avenue, which are currently both under construction. Although this project will have a hotel component, it will include also consist of condominium for-sale units.

Plans have also been announced for redevelopments of certain existing properties, such as the King’s Village shopping center by the development team of The MacNaughton Group, Kobayashi Group and BlackSand Capital, which also is being turned into a condo-hotel, like the Ritz project.

There’s also the possible redevelopment of the Waikiki Trade Center into a hotel, according to California-based Coastwood Capital Group, the firm that owns the property.

Additionally, the 659-room Ohana Waikiki West hotel is expected to close down on March 27 for a redevelopment by the new owner — partnership that includes Honolulu’s BlackSand Capital — and reopen next year as the Hilton Garden Inn Waikiki Beach.

The Hilton Hawaiian Village Waikiki Beach Resort also is getting a new 37-story timeshare tower.

The development action in Waikiki comes as no big surprise, as the area continues to enjoy higher revenue per available room and average daily rates as well as occupancy rates.

Duane Shimogawa Reporter – Pacific Business News

Bank of Hawaii Waikiki Center sold for $38M

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bank-of-hawaii-centerbuilding-304xx387-581-0-10Japan’s Shoei USA Inc., a helmet manufacturer, paid $37.75 million in the leasehold purchase of the iconic Bank of Hawaii Waikiki Center, according to public records.

Up until now, the sales price of the 153,059-square-foot, nine-story building at 2155 Kalakaua Ave. — which includes a mix of office and retail tenants, including Bank of Hawaii, Starwood Hotels & Resorts, JTB Hawaii and 7-Eleven and soon-to-be Waikiki’s first Longs Drugs store — was unknown.

The previous owners, Honolulu-based Pacific Office Properties Trust Inc. (Other OTC: PCFO) and a group of Mainland investors, quietly put the center on the market for $38 million in 2012.

The land is still owned by the Lahaina, Maui-based company, Kapuahelani, which lists the Barbara McNamara Trust, Florence Thomas and Melissa Raymond as partners of the firm, according to public records.

Honolulu’s NAI ChaneyBrooks represented the buyer in the sale.

The property was built in 1980 as a retail center that was anchored by Japan’s Mitsukoshi Department Store. In 1989, it was acquired and redeveloped into a mixed-use office and retail center and was known as the ANA Building.

Pacific Office Properties purchased it in February 2007.

Duane Shimogawa Reporter – Pacific Business News

Waikiki Landing developer secures new funding for $31M Ala Wai harbor project

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This rendering shows a view of the Waikiki Landing project from Ala Moana Boulevard heading toward Waikiki. The developer's attorney told PBN that the $31 million project has received a funding commitment from a new investor

This rendering shows a view of the Waikiki Landing project from Ala Moana Boulevard heading toward Waikiki. The developer’s attorney told PBN that the $31 million project has received a funding commitment from a new investor

The long-planned $31 million Waikiki Landing project at Hawaii’s Ala Wai Small Boat Harbor, which lost its funding several months ago, has received a new funding commitment from another investor, the project developer’s attorney told PBN.

The project includes wedding chapels, restaurants, retail and office space and a boat-repair facility and fuel dock. The most recent estimate had construction starting in late September with a completion date of late November 2015. No new timeline for construction has been set yet.

Keith Kiuchi, the attorney for developer Japan-based Honey Bee USA, confirmed to PBN that the developer has received a signed letter of intent from an investor, and that the letter has been presented to the Hawaii Department of Land and Natural Resources, the project’s landlord.

Kiuchi declined to say who the investor is, although DLNR will be holding a hearing on Nov. 14 to talk about the project’s new investor.

“That hearing will include both the equity investor as well as the funding vehicle [the lender],” he said. “We have a letter of intent from the investor and two separate term sheets from two separate lenders. So we believe we have an equity investor, but we’re looking carefully at the two term sheets.”

Kiuchi has said it received lease approval from the DLNR, which owns the land, on Dec. 6, 2013, and has received all of its necessary permits to start construction.

Duane Shimogawa Reporter – Pacific Business News

Waikiki Landing developer loses $25M loan commitment for Ala Wai redevelopment

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The rendering shows the Waikiki Landing project, with Diamond Head in the background.The rendering shows the Waikiki Landing project, with Diamond Head in the background.

The rendering shows the Waikiki Landing project, with Diamond Head in the background.The rendering shows the Waikiki Landing project, with Diamond Head in the background.

The developers of the Waikiki Landing project, a redevelopment of the commercial and boating services at Hawaii’s Ala Wai Small Boat Harbor, are working to find new funding after losing a $25 million loan commitment for the project.

The Honolulu Star-Advertiser Honolulu attorney Keith Kiuchi took over as the Honey Bee USA Inc. project as project developer in March after learning that that a Singapore-based hedge fund had renegged on a $25 million loan commitment to Kiuchi’s client, former Honey Bee principal Hide­­aki Shi­ma­­kura, a Japan-based developer and yacht racer.

The newspaper reports Kiuchi is optimistic that he will have a $24 million loan commitment by the end of this month, and is working with the state Department of Land and Natural Resources on keeping the project’s 65-year lease on the land near Waikiki.

Staff Pacific Business News