Outrigger’s Oceanfront Resort in Waikiki to Undergo $100M Revitalization; Watt Advisors Completes Redevelopment of Maui’s First Outlet Center
Outrigger Enterprises Group is planning to invest $100 million in the redevelopment of its Outrigger Reef on the Beach resort in Waikiki.
Plans call for the construction of a new 200-room hotel tower along Kalia Road, which is expected to create 100 new hotel jobs. The Honolulu-based company also intends to replace an existing five-story building along the shoreline with 34,000 square feet of open recreational space, including enhanced swimming pools, landscaped lounging areas and open-air dining facilities.
Construction on the project is expected to begin in 2017 and be complete by 2019.
“The quality of our hotel product, destination and service standards must continue to improve in order to keep pace with the evolving expectations of our guests. We’re now in the early planning stages of this much-needed revitalization and we’ll be working closely with state and city officials for proper approvals,” David Carey, president & CEO of Outrigger Enterprises Group, said in a news release.
In recent years, Outrigger has expanded into the Pacific, Southeast Asia and most recently the Indian Ocean, with the opening of its 46th property, Outrigger Mauritius Resort and Spa.
In regional news, Watt Advisors has completed a $28 million redevelopment of The Outlets of Maui, a 10-building, 147,000-square-foot oceanfront retail center in the heart of the historic Lahaina resort area, one of Maui’s most popular tourist destinations.
Spanning 12 acres, the property is currently 91 percent leased and will soon welcome new retailers. It is now Maui’s first outlet center and only the second one in all of Hawaii.
Based on strong demand from potential new tenants, Watt Advisors, a commercial investment arm of Santa Monica-based Watt Cos., plans to expand the property by another 50,000 square feet by the end of 2015.
“The redevelopment of The Outlets of Maui has created a great and productive use for the center while bringing new jobs and terrific new retailers to the region’s residents and visitors,” says Nadine Watt, the company’s president. “Our investment, combined with the new leases, has enhanced the value of this already fantastic waterfront location and positioned the outlet center for success in the decades to come.”
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