Outrigger's Waikiki Beach Walk Begins Opening Phase

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. October 14, 2008

HONOLULU, HI, January 4, 2007. Leading the way in the renaissance of Waikiki, the highly anticipated Waikiki Beach Walk(tm) is now open. The $535 million retail, entertainment, and hotel development is transforming nearly 8 acres of central Waikiki into a new and vibrant pedestrian-friendly gathering place. The entire complex will include five hotels offering nearly 2,000 rooms and suites, and 47 restaurant and retail tenants in 93,000 square feet of space.

Waikiki Beach Walk was master-planned and developed by Outrigger Enterprises Group, Hawaii's largest and best-known hospitality company. The development includes the newly-opened Embassy Suites(R)-Waikiki Beach Walk(tm) and Wyndham Vacation Ownership Resort -Waikiki Beach Walk. The new district is also home to the Outrigger Reef on the Beach, currently undergoing an extensive $100 million repositioning; the OHANA Islander Waikiki, which is slated for a complete makeover beginning in 2007; and the new Trump International Hotel & Tower-Waikiki Beach Walk, scheduled for completion in 2009. The Trump property's recent condo unit sales of $700 million set the world record for single day sales.

A wide selection of restaurants, casual eateries, specialty shops and boutiques offering accessories, resort apparel, swimwear, gifts, art and jewelry has begun to open. Freaky Tiki Tropical Optical, Coffee Bean & Tea Leaf, Beard Papa's Sweets Caf'e, Coco Cove, Malibu Shirts, Tabora Gallery and Mondo Gelato were the first to open their doors. The next three months will see a flurry of openings, including Quiksilver, Crazy Shirts, Wyland Galleries, Folli Follie, Sunshine Swimwear, Maui Divers Jewelry, Na Hoku and Mana Hawaii-Spirit of Hawaii Nei, to name just a few. Among the restaurants set to open in the coming months are Roy's Waikiki, Ruth's Chris Steak House, Yard House, Giovanni Pastrami, , Holokai Grill, Kaiwa Japanese restaurant and Taormina Sicilian Cuisine.

"This is a very exciting time for our company, and for all of Waikiki," said David Carey, president and chief executive officer of Outrigger Enterprises Group. "The area where the new Waikiki Beach Walk now sits is where some of our first properties were built nearly 60 years ago. We are pleased to be able to breathe new life back into the area and to restore the lure of Waikiki as a favorite gathering place for island residents and visitors alike."

The inviting master-planned Waikiki Beach Walk district now will not only be recognized as a top shopping and dining destination, it will also feature island musicians and ongoing educational and cultural activities - including ukulele, hula and lei-making lessons, story telling, wood carving and local musical performances. Many of these events will take place at Waikiki Beach Walk's center stage, and will be a great opportunity for visitors to immerse themselves in Hawaii's unique local culture in a welcoming outdoor setting.

"We wanted to transform the existing congested mixture of storefronts, sidewalks and hotel lobbies into a more human-scale shopping and hotel district that lets all visitors know that they are indeed in Hawaii. Everything you see, smell, taste, touch and hear lets you know that you are experiencing the best of the islands," said Mel Kaneshige, executive vice president of Outrigger Enterprises Group.

After nearly 10 years of planning, the Waikiki Beach Walk development was announced in July of 2001 and began construction in April of 2005. The first phase of the project saw several older hotels - the Edgewater Lanais, the OHANA Coral Seas, and the OHANA Edgewater - come down to make way for the two-level retail/entertainment complex, designed as the centerpiece of the large open-air plaza, intended to capture the ambience of vintage Waikiki. Another part of the first phase was the transformation of the former OHANA Waikiki Village and OHANA Waikiki Towers into the all-new 421-suite Embassy Suites-Waikiki Beach Walk, and the redevelopment of the former OHANA Reef Towers into the new 195-room Wyndham Vacation Ownership Resort-Waikiki Beach Walk.

The second phase of Waikiki Beach Walk includes the new Trump International Hotel & Tower-Waikiki Beach Walk, located on the block bordered by Saratoga Road, Beach Walk, and Kalia Road, and the former home of the OHANA Reef Lanai Hotel, the OHANA Royal Islander Hotel, the Malihini Hotel and the Hale Pua Nui Apartments. The Trump property, consisting of 464 luxury hotel rooms and residential condominiums along with related commercial space, is being developed by Irongate Capital Partners and is scheduled for completion in mid-2009.

"Our company's founders, Roy and Estelle Kelley, helped the world see what a beautiful and romantic destination Waikiki was, and visitors from around the world today still come to Hawaii to experience that. Waikiki Beach Walk marks the beginning of an exciting new era for Waikiki, one that builds on our reputation as a world-class destination and, we hope, elevates it to new heights," Carey said.