According to a press release, Hawaii developer Peter Savio is in the process of purchasing the Ewa Hotel Waikiki located at 2555 Cartwright Street. The 97-room property is expected to record on March 1, 2012. Savio stated that he would like to turn the property in an economy brand which will cater towards students and Hawaii residents. Savio added, “Hawaii hotels typically operate with at least a 10 to 20 percent vacancy rate, so student rentals help fill in occupancy. You really don’t know the difference other than we’ve got a lot of young kids at our pool. The students mostly are gone during the day, and they tend to be very respectful. If they don’t follow the rules, they are out.”
President and CEO of Hospitality Advisors, LLC, Joseph Toy added, “There is a market for low-cost Hawaii resident travel, and Peter has proven that he is an astute hotel investor. He’s also been very successful servicing the university housing market. He doesn’t pour a lot of money back into his hotels; he runs them lean. He reads the market well.”
Source: Honolulu Star Advertiser, 2-17-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
