Anekona Development Acquires Renaissance Ilikai Waikiki
Planning $40 million Redevelopment
HONOLULU, HI, July 19, 2006. The former Renaissance Ilikai Waikiki Hotel, recently purchased by Anekona Development Group, will now be known simply as The Ilikai -- Where Waikiki Begins.
Anekona Development Group purchased the historic landmark hotel from Forward One LLC for an undisclosed price. Included in the purchase are 703 rooms, 115,000 square feet of commercial space, a 200,000 square foot parking garage, and extensive open areas overlooking the Ala Wai marina and the Pacific. Over $40 million will be invested in property upgrades, including a complete redevelopment of the Yacht Harbor Tower with a third-party partner.
The property will be re-branded as a hip, upscale destination. Anekona, which also owns the W Honolulu hotel, identified this positioning as a desired niche. "We want a resort that caters to the discerning tastes of travelers today," stated Brian Anderson, principal. "Through the success of the W Honolulu, we have recognized there is room in the marketplace for a hotel that serves a young, successful demographic. We hope to make Hawaii proud of our transformation."
The company's intention is to return the hotel to its historic roots as Hawaii's first high-rise luxury hotel, offering condominium ownership. "There is a concern about condominium conversion and the shrinking hotel room inventory in Waikiki. In our business model, we are able to add value to tired, underutilized assets while retaining over 95% of renovated rooms in the hotel inventory. We plan to continue that model with the Ilikai," stated Anderson. "At the end of the day, this will result in yet another upgrade among the exciting renovations taking place in Waikiki."
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