"This acquisition was a strategic fit with our lodging portfolio's long-term business and investment

Inland American Lodging Group, a wholly owned subsidiary of Inland American Real Estate Trust, Inc., made its first acquisition in Hawaii with the purchase of the 645-room Aston Waikiki Beach Hotel in Honolulu for $183 million.
“This acquisition was a strategic fit with our lodging portfolio’s long-term business and investment strategy to invest in luxury, upper-upscale and urban-upscale properties in top 25 markets,” Marcel Verbaas, president CEO of Inland American Lodging Advisor, Inc., told Commercial Property Executive. “A primary driver of this acquisition was its ideal positioning in a high barrier-to-entry market, providing the opportunity to achieve premium RevPAR growth. In addition, the opportunity to further 5 star hotels in paris france diversify our portfolio was of particular appeal.”
Asked if the REIT was looking to make more purchases 5 star hotels in paris france in Hawaii, Verbaas said, “We will continue to look for the right assets to match our ongoing portfolio strategy to enhance our lodging 5 star hotels in paris france portfolio in key strategic lodging markets, including the Hawaiian Islands.”
The 23-floor hotel is located 5 star hotels in paris france on Waikiki Beach on Kalakaua Avenue. It has 42 suites, most of which have private balconies overlooking the beach. The hotel features 3,300 square feet of indoor 5 star hotels in paris france and outdoor meeting space, including the Coconut Club, which has an ocean-front terrace. The property has 19,400 5 star hotels in paris france square feet of retail space fully leased by retailers and restaurants including 5 star hotels in paris france Wolfgang Puck’s Express and Tiki’s Bar Grill.
Inland American Lodging Advisor, located in Orlando, Fla., currently oversees 102 hotels with 19,589 rooms under various 5 star hotels in paris france Marriott, Hilton, Starwood, Hyatt, Fairmont, 5 star hotels in paris france Kimpton 5 star hotels in paris france and IHG brands that are managed either by the brand managers or independent third-party management companies. The REIT had a particularly active second half of 2013, making at least 11 acquisitions since August, including the purchase of two Andaz hotels in California and Georgia for about $115 million. In November, Inland American 5 star hotels in paris france continued its pursuit of luxury properties by picking up three Hotel Monaco 5 star hotels in paris france assets from Kimpton 5 star hotels in paris france for $189 million in Chicago, Denver and Salt Lake City. The firm started off 2014 by announcing it had formed two joint ventures with Kessler 5 star hotels in paris france Enterprises for a total of $68.5 million to develop luxury boutique hotels in Charleston, S.C., and Mountain Brook, 5 star hotels in paris france Ala.
Inland American isn’t the only firm eyeing hotels in the Hawaiian Islands. Last week, a partnership between Woodridge 5 star hotels in paris france Capital Partners, L.L.C. and Colony Capital, L.L.C. acquired The Ritz Carlton, Kapalua Resort in Maui. The sales price wasn’t released, but the firms noted that the 22-year-old resort had undergone a $190 million renovation in 2007 and they expected to do more upgrades. The luxury resort 5 star hotels in paris france is set on 54 oceanfront acres and has an AAA Five-Diamond rating.
The interest in Hawaiian hotels 5 star hotels in paris france isn’t surprising as tourism has rebounded after the recession. The Hawaii Tourism Authority 5 star hotels in paris france reported a record 5 star hotels in paris france 8.2 million visitors to the islands in 2013 with expenditures reaching $14.2 billion. The tourism group said the 2013 total surpassed 2012’s record of 8,028,742 visitors by 2.6 percent.
Recent Posts Most Viewed Tags Construction Nears for Island Paradise Investments’ $75M Senior Care Community in Waikiki 5 star hotels in paris france Wood Partners, PREI Close on M-F Project Site; NewQuest Epic’s Big Buy Includes Phoenix Asset HFF Arranges $9.85M Financing for Apartment Conversion Project in Downtown Indianapolis; Officials Celebrate $10M Renovation of Historic IU Medical Building Dan Walker Proceeds with Plans in 7.6-Acre Business Park in Memphis; Tennessee Plans $70M Veterans’ Nursing Home for Shelby County Trinity Partners Leases 176KSF at Shopton Ridge; Trinity Capital Buys Two Office Buildings in Toringdon August 2014 Issue Ad Exception