Ihilani Resort to Stay Open Until April 5

Developer Jeff Stone has announced that the JW Marriott Ihilani Ko Olina Resort and Spa will be staying open until April 5, 2015, three months longer than initially anticipated.  The resort will be undergoing a complete remodel and will be re branded as a Four Seasons resort.  Stone commented, "We want to preserve as many jobs as possible. The decision was made based on the need to keep people working when you can. Hawaii's running over 95 percent occupancy in Honolulu. We have a lot of events. One of our biggest issues is we have Disney (next door). You start tearing up the front, putting in pools, making a lot of ruckus, it will definitely alter the vacation for a lot of people. We don't want to do anything that will damage Disney's reputation."

The hotel is expected to be closed for about a year while it undergoes the first phase of the $500 million renovation.

Source: Honolulu Star Advertiser, 12-30-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Hampton Inn Hotel & Suites to Be Built in Kapolei

Hilton Worldwide has announced that they have come to an agreement to build a Hampton Inn & Suites at the planned Ka Makana Ali'i regional mall in Kapolei. The tentative plan is to build a 175-room hotel as part of the mall's 750,000 sq ft first phase.  Construction will begin in mid-2015 and the Hampton Inn would open sometime in 2016.  Hilton currently has six hotels and seven-time share properties in Hawaii, but does not have a Hampton hotel in the islands yet.  Bill Fortier, a senior vice president of development for Hilton, commented, "As one of the world's most sought-after travel destinations, it is only fitting to expand Hampton Hotels to Hawaii, bringing a successful mid-priced product to the market."

Source: Honolulu Star Advertiser, 12-23-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Maui Lu Resort in Purchased by Capbridge Pacific LLC

Capbridge Pacific LLC has announced that they have purchased the 28-acre Maui Lu Resort at Kihei.  The exact price and terms for the property have not been disclosed, but it has been reported that it was in the upper-$60 million range.  According to Capbridge, the existing 150 unit property will be redeveloped into a Hilton Grand Vacations times-share with 388-units.  The redevelopment will cost approximately $300 million and should be completed in 2017.

Source: Honolulu Star Advertiser, 11-28-2014, www.staradvertiser.com
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Hawaii Hotels Set Second Highest Average Daily Rate in Country

According to a report issued by Hospitality Advisors LLC, Hawaii hotels had the second high daily rate and revenue per available room in the entire country during the first nine months of 2014.  Coming in just behind New York City, Hawaii's average daily rates were $241.28 while the revenue per available room was $187.72.  These numbers represented a 4.9 percent and 4.8 percent respectively from the previous year.

Oahu had the highest occupancy rate of 85.2 percent, while Maui came in second at a 72.5 percent occupancy rate.  Kauai had a 71.3 percent occupancy rate and Hawaii island (Big Island of Hawaii) had a 62 percent occupancy rate.  Tourism experts are trying to come up with new ways to increase the neighbor island occupancy throughout the year while increasing the cost of Oahu's rooms. Barry Wallace, the executive vice president of hospitality services for Outrigger Enterprises Group, commented, "Oahu, especially Wai­kiki, is pretty much at capacity. When you get to occupancy in the high 80s, the industry really can't sustain much more since there are always some rooms that are out of order. Practically speaking, that's about as high as it can get, so for the next few years, growth on Oahu will have to come from higher spending."

Source: Honolulu Star Advertiser, 11-21-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Outrigger Enterprises Group Announces New Luxury Hotel Brand

The Outrigger Enterprises Group, has announced its new luxury hotel brand called Outrigger Resort, which will only be given 15 of the beachfront properties in their portfolio. David Carey, the president and CEO for Outrigger, commented, "Our goal is to be known as the premier beachfront resort brand in the world. We know beachfront destinations and have the experience to do it better than anyone else. With our brand revitalization, we are creating a solid foundation that will help fuel our future growth and build upon Outrigger's position in the hospitality industry."

Below is a list of the Outrigger properties that will be reclassified as Outrigger Resorts:

1. Outrigger Waikiki Beach Resort, Hawaii 
2. Outrigger Reef Waikiki Beach Resort, Hawaii 
3. Outrigger on the Lagoon, Fiji 
4. Castaway Island, Fiji 
5. Outrigger Laguna Phuket Beach Resort, Thailand 
6. Outrigger Laguna Phuket Resort and Villas, Thailand 
7. Outrigger Phi Phi Island Resort and Spa, Thailand 
8. Outrigger Mauritius Resort and Spa 
9. Outrigger Konotta Maldives Resort, opening July 
10. Outrigger Guam Resort
11. Little Hastings Street Resort and Spa, Noosa, Australia
12. Outrigger Surfers Paradise, Australia
13. Outrigger Twin Towns Resort, Australia
14. Hainan Island, China — Outrigger Clearwater Bay Resort, Sanya; announced project
15. Vietnam — Outrigger Vinh Hoi Resort and Spa; announced project

Source: Honolulu Star Advertiser, 9-30-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Zip Line Proposed at Hilton Hawaiian Village Waikiki Beach Resort

Waikiki Beach Activities Ltd., a beach activities operator, is requesting permission from the state Board of Land and Natural Resources to build a zip line at the Hilton Hawaiian Village Waikiki Beach Resort.  Under the proposal, the zip line would sail guests over the oceanfront lagoon and would have an estimated ridership of about 250,000 people per year. In their proposal to the DLNR, Waikiki Beach Activities stated, "Due to the growing popularity and demonstrated safety of zip-line activities throughout the Hawaiian Islands, WBA (Hilton) proposes to operate a daytime zip-line experience that would provide the general public with a one-of-a-kind sightseeing experience."

Some Waikiki residents aren't too sure that zip-lining would be a good fit for an urban beachfront resort area.  In response to that, Waikiki Beach Activities admitted that they were in the early stages of exploring the feasibility of the plan and noted that they would like to conduct a test study to provide information about the visual impact, ideal position and resolve any engineering problems prior to designing and developing the actual zip line. Jerry Gibson, area vice president for Hilton Hotels & Resorts, stated, "We want to test to see if it's viable. It would be kind of fun if we can make it work. This is something that could be very exciting."

Source: Honolulu Star Advertiser, 9-26-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Hawaii Hotels Set Several Records in June 2014

According to a report released by Hospitality Advisors LLC, Hawaii hotels set several records in June 2014. Occupancy statewide was at 76.3 percent while room revenue reached a new high of $289 million thanks to a 3.3 percent rise in average daily rate to $235.82.  Revenue per available room (RevPAR) increased by 3.9 percent to $179.93, also a June record.  Joseph Toy, the president and CEO for Hospitality Advisors LLC, stated, "In March, April and May, the industry was concerned because the booking pace had fallen and people were waiting to purchase until closer to their arrival dates.  There were concerns about summer, but everyone has been pleasantly surprised by the strong pickup over the last four months."

David Caret, the president and CEO of Outrigger Enterprises Group, commented, "We're cautiously optimistic about the balance of the year.  We've seen some velocity in bookings and some recovery from the softness in the first part of the year that wasn't as soft as we originally thought. So far so good. I think next year's going to be OK, too."

Source: Honolulu Star Advertiser, 8-28-2014, www.staradvertiser.com
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Ko Olina Resort's Ihilani Hotel to Close Next Year - May Convert to Four Seasons

Jeff Stone, the developer for Ko Olina, has announced that the JW Marriott Ihilani hotel will be closing next year and the property will be converted to another luxury hotel, probably under the Four Seasons Name.  According to Stone, the property will be closed throughout 2015 and will reopen under "one of the top luxury resort brands in the world."  The 387-room Ihilani hotel was completed in 1999 and is still considered to be one of the top hotels in Hawaii, despite the fact that it is beginning to show its age.  Stone added, "I am deeply humbled by your support of our development plans throughout the years. We are confident this project will solidify West Oahu's recognition as a premier global resort location for future generations to enjoy and for your families to prosper."

Source: Honolulu Star Advertiser, 8-14-2014, www.staradvertiser.com
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The Kahala Hotel & Resorts Sells for $300 Million Leasehold

Resorttrust Inc., a Japanese based company, has announced that they have purchased the Kahala Hotel and Resort for $300 million Leasehold.  This equates to approximately $887,000 per room, which makes it the highest per-room price paid for any Oahu hotel.  Joe Toy, the president and CEO of Hospitality Advisors commented, "Four Seasons Resort Hualalai on the Big Island is the only property in Hawaii that ever traded for more money on a per-key (room) basis.  It went for $1.1 million per key, but it was fee simple. This property, on the other hand, is leasehold and it's a pure hotel transaction. The reaction from investors will be, 'That's a pretty high price.'"

The Kahala hotel's nightly room rate is currently about $495, with the resort's two-bedroom Presidential Suite going for about $4,000 a night ant its two-bedroom Imperial Suite going for about $10,000 per night. Keith Vieira, of KV and Associates, Hospitality Consulting, commented, "Since their average daily rate is no where near the $800 that you would expect to see for that price, I think it sends a message to others who are looking that there is strong faith in the continuation of the market on Oahu. It also speaks to the strength of Hawaii's time-share, vacation ownership and the condotel market. There is lots of demand as seen by the success of Trump and strong interest in the coming Ritz-Carlton towers. These kinds of owners usually have higher occupancies and can get more per key."

Source: Honolulu Star Advertiser, 8-1-2014, www.staradvertiser.com
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Hawaii Has Nation's Highest Hotel Room Rates in May 2014

According to a report issued by Hospitality Advisors LLC, the state of Hawaii had the nation's highest hotel room rates in May 2014.  In May, the average daily rate was $218.64 and statewide the hotel occupancy was 72.7 percent.  The revenue per available room was $158.95.  Oahu continued to have the highest occupancy with 80.5 percent of their rooms filled.  Kauai came in second with 70.8 percent occupancy.  Maui had 67.3 percent and Hawaii Island (Big Island) had 53.2 percent occupancy rates.  Joe Toy, the president and CEO of Hospitality Advisors, commented, "The gap in occupancy between Oahu and Hawaii island is still more than 20 percentage points, but I think by 2015 we'll see that recovery has spread across all islands. It's still a very respectable market, but it's a different one than it was in 2013. Because there was so much pent-up demand last year, people were booking well in advance. The high occupancy filled in the shoulder seasons and caused more travelers to consider a neighbor island," he said. "Now the number of people booking hotels 90 days (before arrival) has softened. We are seeing more booking pickup 45 to 30 days out. With some of the pricing concerns, we should start to see some activity on Hawaii island, which is still a good deal. " 

Jerry Gibson, the area vice president for Hilton Hawaii, added, "We were pretty happy with the last two months. April is normally a pretty heavy convention month, and we had some of those. We also filled it in with good government business and a little bit of leisure travel." However, I don't think that April and May are necessarily indicators of where we'll go. In September we'll figure out if the back of the year will remain solid and if the Asian markets will keep up. Everybody has their conventions in place for the end of the third and last quarters, but the unknown is how the wholesale business will come in. We're hoping that it continues to get better."

Source: Honolulu Star Advertiser, 7-23-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Wailea Beach Marriott Resort & Spa to Sell for $325.7 Million

Sunstone, a real estate investment trust, has announced that they have agreed to purchase the 544-room Wailea Beach Marriott Resort & Spa on the island of Maui for $325.7 million. The company added that they plan to invest about $65 million to upgrade the property over the next two years, which will hopefully allow them to raise the hotel's average daily rate.  Evan Pahaski, Sunstone's vice president of corporate transactions, stated, "Sunstone has been looking in Hawaii for quite some time. It's a great market with a lot of different demand generators in leisure and group. South Maui, specifically Wailea, has always been a prominent resort address on Maui."  Ken Cruse, the CEO for Sunstone, added, "Wailea is one of the most attractive and supply-constrained leisure and group destinations in the United States."

Source: Honolulu Star Advertiser, 6-20-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Hawaii Supreme Court to Hear Case Over Proposed Oceanfront Hotel and Condominium in Waikiki

Kyo-ya Hotels and Resorts announced in 2012 that they were planning to build a new oceanfront hotel and condominium tower next to the Moana Surfrider Hotel on Waikiki Beach. The plan called for Kyo-ya to demolish the existing eight-story Diamond Head Tower with a new 26-story hotel.  In February 2012, the city's Zoning Board of Appeals upheld a decision for the tower to built, despite the fact that it encroached on various ground and airspace setbacks that were prohibited under current zoning rules.  However, several environmental advocacy groups filed a lawsuit and argued that based upon current Waikiki Special District zoning rules, all hotels must be at least 100 feet from the shoreline.  The Diamond Head Tower of the Moana Surfrider was grandfathered in, since it was built before the 1976 zoning law was passed.

The Hawaii Supreme Court has just announced that they will be willing to hear the case.  Linda Paul, the attorney for the plaintiff, stated, "We are glad the Supreme Court has decided to hear the case. It's a case that asks an important and fundamental question: Does the mayor or his agents have unlimited power to grant exemptions of any magnitude from any ordinance?" Donna Wong, the executive director of Hawaii's Thousand Friends, added, "We think this could be a landmark decision because the state Supreme Court would be reviewing the ability of the city's planning director to make these kinds of decisions. We're hopeful because protection against encroachment is part of the Wai­kiki Special District guidelines, and there have been other Hawaii Supreme Court Cases that have upheld protection of public shorelines. When things are illegal, you have to keep challenging them. You can't just be blown over by the powers that be."

Source: Honolulu Star Advertiser, 6-4-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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Hilton Hawaiian Village Plans to Build Another Time-Share Tower

Blackstone Real Estate Group, which owns the Hilton Hawaiian Villages, has announced that they will be building a new 350-foot tall time-share tower.  The tower will cost approximately $415 million to construct and will be The Grand Islander by Hilton Grand Vacations Club. According to the press release, there will be a total of 418 units in one, two and three bedroom configurations.  Tyler Henritze, the senior managing director for Blackstone, stated, "Hawaii and Oahu, in particular, has been one of the best-performing lodging markets nationally over the last several years. We've had tremendous success partly as a function of the fact that it's been very challenging to build new hotel inventory. We are big believers in Hawaii and Wai­kiki, and we're glad to work in partnership with Hilton to develop a new time share to meet the demands of what seems to be an ever-increasing visitor market." 

Jerry Gibson, the area vice president of Hilton Hawaii, added, "This project will bring the number of accommodation units at Hilton Hawaiian Village to about 4,000. We're excited to see it get started. We've spent the last five years getting ready for this proj­ect by enhancing the rest of the property. By the time that The Grand Islander opens in the next couple of years, almost everything will be brand new."

Source: Honolulu Star Advertiser, 6-3-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Mayor Wants to Increase Property Tax Rates for Hotel and Resort Owners

Mayor Kirk Caldwell has stated that he would like to increase the property tax rate for hotel and resort owners in an effort to raise money to address the homeless situation in Waikiki.  Under Caldwell's proposal, hotel and resort owners would pay $13.40 per $1,000 of assessed value, a slight increase from the current amount of $12.40 that is currently being paid. The increase would generate an additional $4.1 million, out of which $2 million would go to the Wai­kiki Business Improvement District for rental vouchers that could give shelter to homeless individuals and families.  Furthermore, $900,000 would go to the district for grants that provide outreach and other services for Waikiki's homeless and $750,000 would go to paying for the removal of items left on the sidewalks. Finally, $250,000 would go to increasing the frequency of sidewalk, bathroom and public area cleanings, and $200,000 would go to increasing security patrols. 

Source: Honolulu Star Advertiser, 5-26-2014, www.staradvertiser.com
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Coco Palms Resort of Kauai to Reopen in 2017 Under Hyatt Management

In 1992, the Coco Palms Resort on the island of Kauai was forced to close their doors due to the devastation caused by Hurricane Iniki.  Since then, several investment groups had expressed interest in redeveloping the property, but for various reasons, none were able to do so.  In 2013, a locat investment group calling themselves the Coco Palms Hui LLC purchased the property for $12.3 million and a just this past week announced that they will be reopening the 363-room resort to guests in 2017 under the management of Hyatt. Tyler Greene, the manager of Coco Palms Hui LLC, stated, "Our endeavor to revitalize the grounds and rebuild, all the while preserving the soul of the iconic resort, is an ambitious project. We are delighted to join forces with Hyatt, another Hawaiian icon of hospitality that has been delivering authentic hospitality to guests for over 30 years in Hawaii."

Bernard Carvalho Jr., the mayor of Kauai, added, "The redevelopment of The Coco Palms Resort is not just a feel-good story. The investment of time, money and labor to revitalize the resort grounds and reignite the spirit of this legendary hotel is great news for our community. Hyatt's brand presence in our community with Grand Hyatt Kauai Resort & Spa is exemplary and we look forward to Hyatt's contributions as our community continues to grow in importance as a tourist destination."

Source: Honolulu Star Advertiser, 5-22-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Waikiki Businesses and Hotels Concerned About Homeless Situation

Over the last couple of years, Waikiki has seen record numbers of tourists staying in their hotels and frequenting their businesses.  However, the neighborhood has also seen an increased number of chronically homeless campers, aggressive panhandlers and people who are using sidewalks and parks as toilets, and the hotel and tourism industry are not happy about this at all.  The Waikiki Neighborhood Board, the Wai­kiki Improvement Association, the Hawaii Hotel and Lodging Association, the Oahu Visitors Bureau and the Hawaii Hotel & Visitor Industry Security Association, have joined forces with Waikiki residents and are demanding that state and city leaders enforce existing laws as well as consider creating new ones to prevent the problem from escalating further.

Real estate analysis Stephany Sofos commented, "We're just fed up with how this homeless issue has degraded our neighborhood. It's causing parts of our economy to fracture. Visitors don't want to come; people who live here want to move; and if investors start to realize that our community is decaying, they'll take their dollars out and put them in places that are thriving. It happened in Detroit and Sacramento and it will happen here.  It's Economics 101."

Source: Honolulu Star Advertiser, 5-19-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
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Hawaii Hotels Hit Revenue Record of $1.44 billion in the First Quarter of 2014

According to a report issued by Hospitality Advisors LLC and Smith Travel Research, the state of Hawaii hit a record $1.44 billion in hotel revenue during the first three months of 2014.  This record setting number meant that hotel guests spent $250.36 a night on the average hotel room, an increase of 6.2 percent from the same period a year prior. President and CEO of Hospitality Advisors, Joe Toy, commented, "While high occupancy on Oahu and Maui continue to support strong (average daily rate) gains, there has been a noticeable moderation in price increases over the past six months. Room rates have been increasing, but we've been seeing the growth rate decline. Part of it is that we've actually been seeing a decline in room demand for the past 11 months and changes in price always lag changes in demand."

Managing Director for Starwood Hotels and Resorts, Kelly Sanders, cautioned, "Visitors from Asia, primarily Japan, really helped the first quarter come in much stronger than we had expected. However, it got worse in April, which was a very tough month across all hotels in Waikiki and then continued into May."

Source: Honolulu Star Advertiser, 5-15-2014, www.staradvertiser.com
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Outrigger Reef on the Beach Plans Another 350-Foot Tower

Outrigger Enterprises Group has announced that they would like to build another 350-foot tower at their Outrigger Reef on the Beach hotel complex.  This tower would strictly be used as a hotel and will not be sold to individual owners as a condominium-hotel.  Tentative plans call for a 31 or 32 story tower with a total of 200 rooms plus an additional 15,000 sq ft of meeting space and a 7,200 sq ft ballroom.  President and CEO for Outrigger, David Carey, stated, "We already have housekeeping, front desk and the balance of resort services, so it's not that hard to expand hotel rooms. This is the only locally owned of the seven Wai­kiki beachfront hotels and one of the few fee-simple, on-the-beach properties. We want to keep it that way." 

There is some concern that this new Outrigger tower would block some of the ocean views that are currently being enjoyed by the Trump Tower and will be enjoyed by the Ritz-Carlton Towers (to be built).

Source: Honolulu Star Advertiser, 4-30-2014, www.staradvertiser.com
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New Union Contract Approved for Ala Moana Hotel Workers

Ala Moana Hotel workers have a new contract thanks to the Unite Here! Local 5 union.  The new contract will, over a period of 5 years, increase the wages and benefits for the 327 unionized employees that will match compensation scales with other hotel workers represented by Local 5. Ala Moana Hotel's general manager, Bill Comstock, stated, "We deeply value the contributions that each of our 300 Ala Moana Hotel employees provide to enhance the guest experience at our hotel. We're pleased to offer appropriate payment and advancement opportunities that make Ala Moana Hotel a kamaaina favorite not just for our guests, but also for our staff."

The Unite Here! Local 5 union noted that after factoring in the value of medical coverage and pension benefits, the low end of hourly pay at the hotel will equalize at about $31.  In a statement, the union wrote, "Bringing another hotel up to that level brings Hawaii's working people closer to achieving $31 for everyone."

Source: Honolulu Star Advertiser, 4-25-2014, www.staradvertiser.com
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Pagoda Hotel to Expand Brand to Maui

Developer Peter Savio has announced that he will be converting the Maui Beach Hotel into his Pagoda hotel brand by the end of this year.  The purchase of the Maui Beach Hotel is scheduled to close on June 27, 2014, and is currently being managed by Aqua Hotels and Resorts.  Savio stated that he would retain all of the current employees and hire additional ones after he expands the property by adding an additional 155-room hotel to the site.  The Pagoda Hotels caters primarily to locals and college students.  Savio stated, "The Maui Beach will keep its name and join the other hotels in the Pagoda Collection, which includes the White Sands Hotel and the Ewa Waikiki Hotel in Waikiki."

Source: Honolulu Star Advertiser, 4-24-2014, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Principal Broker, REALTOR®
Global Executive Realty, LLC
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