Planned 459-Key Condo-Hotel in Waikiki Gains Preliminary Approval
The Honolulu City Council has approved a height variance for the proposed $275 million Ritz-Carlton condominium hotel project in Waikiki. According to KHON, the 350-foot tower planned for a vacant 1.4-acre parcel at the corner of Kuhio Avenue and Kalaimoku Street will exceed the site’s standard limit by 50 feet.
Pending final approval from the city’s Department of Planning and Permitting, the project is expected to break ground toward the end of this year. Upon completion in early 2016, the Ritz-Carlton Residences Waikiki Beach will be the area’s first new luxury condominium property since Trump International Hotel Waikiki Beach Walk opened in 2009.
Developed by Los Angeles-based Pacrep L.L.C., the 37-story high-rise will feature 459 luxury condominium-hotel units with expansive ocean views. Early last year, the company purchased the project site for $15.5 million. According to the final environmental assessment, Pacrep expects to sell the units for more than $300 million.
The Ritz-Carlton Hotel L.L.C. will brand and manage the residences, which will range in size from 400 to more than 3,000 square feet. Amenities will include resort pools, a spa, a fitness center, an owners’ lounge and storage, a gourmet food market, along with a cafe and restaurant.
“We are thrilled to be bringing the world’s best hotel and residences brand to Waikiki,” said Pacrep manager Jason Grosfeld. “The Residences will further secure Waikiki’s position as a world-class destination, providing full- and part-time residents, as well as visitors, with all the legendary services and amenities they have come to expect of The Ritz-Carlton brand.”
The new condo-hotel will be the luxury accommodation operator’s first presence on Oahu and its second venture in the Hawaiian Islands. The Ritz-Carlton Hotel Co. operates another hotel and residential suites in Kapalua on Maui.
Condo-hotels allow investors to purchase individual rooms, which are rented to tourists, while proceeds are usually divided with an on-site management firm. Owners may also opt to reside in or manage the condominiums themselves.
Photo credits: PACREP L.L.C.