Select-service hotel in Hawaii sells for $21m
Shapery Enterprises, an operating company for various corporations, partnerships and limited-liability companies, has purchased Kona Bay Hotel, a 122-key, select-service hotel in Kailua-Kona, Hawaii, for $21 million.
JLL marketed the property on behalf of the seller, the Kimi Family.
Situated on 2.06-acres, Kona Bay Hotel features a mix of 122 traditional guestrooms and suites, offering a swimming pool, ocean and village views, and provides an opportunity to renovate and reposition.
Located in the historical Kailua-Kona village on the west side of Hawaii, Kona Bay Hotel is near popular tourist attractions, including Hawaii Volcanoes National Park, Mauna Kea Observatories, Hawaii Tropical Botanical Garden, and the Hilo Farmers Market. The hotel is about eight miles from Kona International Airport, which offers flights from domestic and international cities.
Tourism makes up nearly 30 percent of Hawaii’s economy, and the state saw more than 10 million vi