Inland American Lodging Group Inc., a Florida based company, has announced that they have purchased the Aston Waikiki Beach Hotel for approximately $183 million. The 23-story hotel is located on Kalakaua Avenue in Waikiki has a total of 645-rooms, 3,300 sq ft of meeting space, 19,400 sq ft of retail space, and a heated outdoor swimming pool and deck area. President and CEO for Inland America, Marcel Verbaas, commented, "Waikiki comprises the most vibrant lodging market not only on Oahu, but throughout all of the Hawaiian Islands, and Oahu continues to be one of the top performing hotel markets in the nation." Verbaas also noted that the Hotel will continue to be managed by Aston Hotel and Resorts.
Joe Toy, the president and CEO for hotel consultancy company Hospitality Advisors LLC, stated, "This transaction started well before the year ended. It's part of the huge acceleration of transactions that we saw in 2013 and have continued to see this year. The property is in a great location. There's also been a lot of investor interest in Waikiki, which shows the kind of long-term promise that people that buy and acquire are seeking."
Source: Honolulu Star Advertiser, 3-4-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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