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Aloha Tower Marketplace Dorms to Open in August

28 May 2015, 2:46 pm

By Adriana Pop, Associate Editor

Hawaii Pacific University’s $50 million revitalization of the Aloha Tower Marketplace in downtown Honolulu is nearing completion.

According to the Pacific Business News, the project’s residential component is set to open on Aug. 24. Called Waterfront Lofts, this portion will be located on the upper floor of the upcoming two-story complex and will comprise 74 dormitory units, enough to accommodate as many as 278 students. On the ground floor, plans call for a mix of facilities, including  classrooms, an admissions office, a housing office, a student center/learning commons, student organization spaces, a library/computer lab, a book store and a fitness center. There will also be various retail, dining and entertainment options.

The new housing units include lofts with single-, double- and triple-occupancy rooms, as well as studios with double occupancy rooms.

HPU will be charging students a housing fee ranging from $11,150 to $14,080 for fall, spring and summer terms, from Aug. 24, 2015, to Aug. 9, 2016. The state’s largest private university is also offering a two-term plan starting from $7,070 to $10,600, as well as a one-term plan ranging from $3,535 to $5,300.

Work on the redevelopment of the 160,000-square-foot center began last summer. The project’s architect is Honolulu-based Group 70 International, while San Francisco-based Swinerton Builders is the general contractor.

At the beginning of last year, 17 tenants at the former marketplace were told to relocate. Only four remained – The Cab, Gordon Biersch Brewery Restaurant, the Star of Honolulu and Hooters – while a number of new shops and restaurants are set to open, including a Barnes & Noble bookstore.

“Given the compressed construction schedule, it has been impossible to allow most prospective retail tenants access to the property, or to finalize leases, until renovation is completed on the entire project,” Janet Kloenhamer, HPU’s executive vice president for administration and general counsel, told the newspaper. “That won’t occur until sometime in late summer.”

Photo credit: www.hpu.edu

Hawaii’s Fairmont Orchid Hotel Sold to Korean Investor for $200.3M

27 May 2015, 1:36 pm

By Adriana Pop, Associate Editor

Korea-based Mirae Asset, one of Asia’s largest independent financial services firms, has acquired the Fairmont Orchid hotel on Hawaii’s Big Island.

According to the Pacific Business News, Oaktree Capital Management LP and an affiliate of Woodbridge Capital Partners LLC sold the oceanfront property for $200.3 million.

Seoul’s Mirae Asset formed Maps Orchid Hotel LLC to close on the purchase, which marks one of the first major hotel acquisitions by a Korean firm in Hawaii.

Located in Waikoloa on 32.6 acres along the Kohala Coast, the 538-key luxury resort offers a variety of activities and services, such as canoe paddling, lei making by the ocean, botanical tours, “turtle talk” sessions and archeological hikes. Other amenities include a Hawaiian-style day spa that extends to a full salon and a 24-hour fitness center with a 10,000-square-foot oceanfront swimming pool and world-class tennis courts. Guests also have access to a 36-hole golf course, memorable wedding space, great shopping and the Keiki Aloha Children’s Program.

A company executive for the buyer told the newspaper that Mirae Asset decided to purchase the property in anticipation of an increased number of visitors from China.

Oaktree Capital Management LP and its partner bought the hotel in 2011. Earlier in 2009, Westbrook Partners, which had acquired the property for $250 million from Fairmont Hotels & Resorts Inc. in 2005, turned it over to lender Barclays Capital through a deed in lieu of foreclosure.

Oaktree Capital Management also owned the Turtle Bay Resort until it was taken over by a consortium of lenders through a deed in lieu of foreclosure in February 2010.

Photo credit: www.fairmont.com

Alexander & Baldwin Sells Luxury Condominiums at The Collection in Honolulu

12 May 2015, 5:04 am

By Adriana Pop, Associate Editor

The Collection Luxury Condominium Complex in Kakaako, Honolulu

Alexander & Baldwin Inc.’s The Collection condominium project, currently under construction in the city’s Kakaako neighborhood, has pre-sold 94 percent of its units. Most of the new residences have been purchased by local buyers, the Honolulu-based company announced.

Upon completion in late 2016, the $200 million multi-phase development will produce a 43-story high-rise with 397 two- and three-bedroom luxury condos priced from the low $600,000s. Amenities will include a swimming pool, a spa, barbecue dining pavilions, a fitness center and entertainment rooms.

Plans also call for a mid-rise building with 54 condominiums called The Lofts @ The Collection. These units, priced from the mid-$300,000s, sold out in less than one day last August. Another component of The Collection will bring 14 urban townhomes, as well as 13,000 square feet of commercial space for shops and restaurants.

Construction on the project, which is rising on the former CompUSA site at 600 Ala Moana Blvd., began last October. That same month, according to the Pacific Business News, Alexander & Baldwin’s real estate subsidiary paid $23 million to acquire the 3.3-acre parcel from Kamehameha Schools.

A&B is one of the largest landowners in Hawaii, with a 144-year history in the islands. Its other high-rise condominium developments in Honolulu include Keola Lai, which opened in 2008, and the recently completed 340-unit Waihonua at Kewalo, which sold out in January.

In its first quarter earnings report for 2015, the company announced a profit of $25.3 million, down from a profit of $35 million in the same quarter last year. Meanwhile, revenue for first quarter 2015 was $150.7 million, up from $94.8 million in the first quarter of last year.

Photo credit: A&B Properties

TIAA-CREF Buys Stake in Hawaii’s Largest Shopping Mall

6 May 2015, 3:31 am

By Adriana Pop, Associate Editor

In a $454 million deal, TIAA-CREF has acquired a 12.5 percent equity interest in Honolulu’s Ala Moana Center from General Growth Properties Inc. (GGP).

The center, which totals approximately 2.2 million square feet of retail and office space, ranks as the largest shopping mall in Hawaii. With more than $1,350 worth of tenant sales per square foot, Ala Moana Center is also one of the world’s most productive retail assets. The property is currently undergoing a redevelopment, which will bring another 660,000 square feet of space. The upcoming additions will be anchored by Bloomingdale’s first store in Hawaii and Nordstrom, which will be relocating within the center. The mall features more than 280 first-class tenants, including Neiman Marcus, Macy’s, Apple, Cartier, Chanel, Ben Bridge, Bottega Veneta, Harry Winston, Hermes, Louis Vuitton, Miu Miu, Prada and Tiffany.

Following the sale, GGP now owns a 62.5 percent equity interest in Ala Moana Center.

Earlier in March, as reported by the Pacific Business News, the Chicago-based company sold a 25 percent ownership stake in the Honolulu property to AustralianSuper for about $907 million.

“This investment represents the opportunity to acquire an interest in one of the highest-performing retail assets in the world,” Mike Fisk, senior director of regional mall acquisitions for TIAA-CREF Global Real Estate, said in a news release. “Our research points toward positive indications for regional mall performance, due to a modest new supply pipeline, expected high productivity for top-quality malls and anticipated NOI growth via re-leasing opportunities.”

GGP and New York-based TIAA-CREF, the largest manager of institutional tax-exempt real estate assets in the United States, are also partners in the Grand Canal Shoppes in Las Vegas.

Photo credit: www.enoa.com

Kauai’s Aston Aloha Beach Hotel to Reopen as Hilton Garden Inn by Early 2016

29 Apr 2015, 4:46 am

By Adriana Pop, Associate Editor

Hilton Worldwide has signed a franchise license agreement with the owners of the Aston Aloha Beach Hotel in Kapaa, on the east coast of Kauai, to convert the property into a Hilton Garden Inn.

The 216-room beachfront lodging facility will undergo renovations. When it reopens in early 2016, it will be the only Hilton-branded property on Hawaii’s Garden Island.

The hotel is owned by Aloha Beach Partners LLC, an entity led by DiNapoli Capital Partners, and managed by Aston Hotels & Resorts, which will maintain its role once the refurbishment process is complete.

Like all other Hilton Garden Inn properties, the revived five-building resort will offer a variety of high-end amenities and services, including complimentary Wi-Fi, a 24-hour business center with remote printing, a state-of-the-art fitness center, an indoor pool and approximately 5,000 square feet of flexible meeting space. Guests will also be able to enjoy the brand’s signature features, such as the pressure-reducing “Garden Sleep System” bed, ergonomic desk chair, LCD high-definition flat-screen television, work desk, as well as a “hospitality center” featuring a mini refrigerator and Keurig single-cup coffee brewer in every room.

According to the Pacific Business News, the hotel is the second Hilton Garden Inn announced for Hawaii. In March, the 659-key Ohana Waikiki West in Honolulu closed for renovations; it is scheduled to reopen under the Hilton brand in February 2016.

“Hilton Worldwide continues to experience a period of incredible growth, both domestically and internationally, as one of the industry’s largest and fastest growing hospitality companies,” Bill Fortier, senior vice president of development – Americas for Hilton Worldwide, said in a news release. “Hilton Garden Inn is the ideal mid-market brand for developers and consumers alike, and we look forward to bringing the brand to life in Kauai, a key market with potential for development.”

Photo credit: www.astonalohabeachhotel.com

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