iStar Appoints Aqua to Manage Hilton Kauai Beach Resort

. July 27, 2009

WAIKIKI BEACH, HI, July 24, 2009 - Aqua Hotels & Resorts, a full-service hotel management company with 15 hotels and resorts in Hawaii, announced that a subsidiary of iStar Financial, SFI Kauai Operator LLC, has selected the company to assume management of the Hilton Kauai Beach Resort effective July 24, 2009. The addition of the Hilton Kauai Beach Resort to Aqua's portfolio increases the kama'ina company's presence to 16 hotels on four Hawaiian Islands.

Located at 4331 Kauai Beach Drive, five minutes north of Lihue airport and 10 minutes from Lihue town, the deluxe, oceanfront Hilton Kauai Beach Resort is situated on 25 lushly landscaped acres. The five-story resort also boasts the island's longest exploring and strolling stretch of white sand beach.

"It's exciting to be selected by iStar Financial to manage the Hilton Kauai Beach Resort," said Ben Rafter, Aqua's President and CEO. "The addition of this spectacular resort is an excellent complement to Aqua's growing portfolio of Waikiki and neighbor island resorts. It will provide an outstanding lodging option for Aqua customers planning a visit to 'Hawaii's Island of Discovery'."

"We're delighted to be working with Aqua Hotels as we share their vision and commitment to Hawaii's island culture," stated Andrew G. Backman, iStar Financial's Senior Vice President of Investor Relations and Marketing. "iStar also shares Aqua's goal to generate a hospitality environment that will enable Hilton Kauai Beach Resort to appeal to a diverse and wide range of visitors to the island."

Hilton Kauai Beach Resort is a non-smoking hotel offering 350 deluxe hotel guest rooms, including oceanfront suites and executive guestrooms.

The resort features the following amenities:

  • Complimentary shuttle service to/from the airport and nearby golf courses

  • Three main hotel pools and two whirlpool spas

  • Sand bottom fresh water pool

  • 75 ft. flume and lava tube waterslide

  • Nightly torch-lighting

  • Kauai production of Roger's and Hammerstein's South Pacific show

  • Wireless high-speed Internet access

  • Hawaiian Rainforest Spa & Salon

  • Fitness center

  • Business center

  • Concierge / Activities desk

  • In-room movies

  • Refrigerator, coffeemaker and safe

  • Gift shop which also offers specialty coffees, pastries, snacks to go

  • Meeting facilities

o Total indoor square footage: 13,715 sq. ft. includes 8,611 sq. ft. ballroom

o Total outdoor function space: 16,500 sq. ft. includes 5,000 sq. ft. ocean lawn

A selection of dining venues includes:

  • Naupaka Terrace - A plantation style open air restaurant overlooking fishponds, pools, and waterfalls. Serving breakfast and dinner daily.

  • Driftwood Sandbar & Grille - Casual poolside lunch and beverage service.

  • Shutter's Lounge - Appetizer and light dinner menu with live entertainment nightly.

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