Hyatt to Rebrand Ocean Resort, Waikiki as Hyatt Place Waikiki Beach
Chartres Lodging and Morgan Stanley Select Kokua Hospitality to Lead Management and Renovation of 425-room Waikiki Destination Hotel
January 25, 2011 - Hyatt Hotels Corporation (NYSE: H) announced that a Hyatt affiliate has signed a franchise agreement with The Chartres Lodging Group, LLC, for a Hyatt Place hotel in Waikiki, Hawaii. Under the agreement, the hotel, which is currently operating under the name Ocean Resort Hotel Waikiki, will undergo an extensive renovation and will be re-branded in the fall of 2011 as the 425-room Hyatt Place Waikiki.
Kokua Hospitality, LLC , also announced its appointment by Chartres Lodging and Morgan Stanley Real Estate to manage the Waikiki property and oversee its renovation and repositioning. Once the renovation is completed, Kokua will continue to manage the property. The Ocean Resort Hotel Waikiki was acquired in December 2010 by a joint venture of Chartres Lodging and Morgan Stanley. (http://www.kokuahospitality.com/)
“We are excited to work with Kokua Hospitality on our first Hyatt Place project in Hawaii,” said Chris Ivy, senior vice president, real estate and development for Hyatt Hotels & Resorts. “The Hyatt Place brand has enjoyed great success since its United States debut in 2006 and we continue to look for opportunities, through either new builds or conversions like this one, to introduce the Hyatt Place brand to additional markets. Today, in addition to the 160 Hyatt Place hotels open in the U.S., new Hyatt Place hotels are under development in the U.S., Costa Rica, India, and Panama.”
“Kokua Hospitality is delighted to have been selected to operate the Ocean Resort Hotel Waikiki and to oversee a dramatic renovation that will culminate with the introduction this fall of Hyatt Place Waikiki Beach,” said Bruce Blum, managing director of Kokua Hospitality. “We look forward to working closely with Hyatt and lodging investment leaders Chartres Lodging and Morgan Stanley to ensure the property's success through its transformation.”
Over the next 18 months, the Ocean Resort Hotel Waikiki will undergo an extensive renovation, including a complete redesign of the lobby, guestrooms and public spaces. During the renovation, guest rooms, located in the hotel's 14- and 19-story towers, will be reconfigured under Hyatt brand standards.
“The Ocean Resort Hotel Waikiki acquisition signifies Morgan Stanley's commitment to the lodging investment sector,” said Kirk Pederson, executive director at Morgan Stanley Investment Management. “With close ties to our investment partner Chartres Lodging and a track record of operating successes, Kokua Hospitality and its team of veteran management and turn-around experts were a natural fit to manage this joint venture asset.”
Kokua Hospitality's portfolio of managed properties includes the Inn of Chicago, The Allerton Hotel, Double Tree Chicago Magnificent Mile and W Aloft Hotel in Maryland.
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