- June 1, 2017: Vol. 29, Number 6

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Investors say “Aloha” to beachfront resorts

by Andrea Waitrovich

Investors have made several significant investments in the Hawaiian resort sector.

Commerz Real has acquired the Pacific Beach Hotel in Honolulu for its open-end real estate fund, hausInvest. A sales price was not disclosed. Pacific Beach Hotel, which is located directly on Waikiki Beach, is undergoing an extensive $115 million renovation/expansion that is expected to be completed by autumn 2017. The property will be renamed Alohilani Resort Waikiki Beach, with a gross floor space of more than 730,000 square feet. The lease agreement for the Alohilani Resort Waikiki Beach is more than 20 years, with two extension options for a further 25 years.

With a two-stage share deal, Commerz Real initially acquired a majority stake in the property, with a purchase option on the remaining shares from January 2019. The seller and continuing operator of the property is a subsidiary of Highgate. Built in 1969 and expanded and modernized in 1976, the hotel will have 839 suites and roo

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