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Diamond Resorts Sparkles in Hawaii

3 Aug 2015, 11:28 am

By Adriana Pop, Associate Editor

A new resort destination could soon rise in Kailua-Kona on Hawaii’s Big Island.

Las Vegas-based Diamond Resorts International, Inc. has recently entered into an agreement with an affiliate of Och-Ziff Real Estate for the development of the 144-key property.

Kailua-Kona from Holualoa

View of Kailua-Kona from Holualoa

The project will be completed in phases, with the first units scheduled for delivery in the first quarter of 2017. The start of construction is subject to certain conditions precedent and rights of Och-Ziff Real Estate, including completion of due diligence, design and site plans, and obtaining required permits.

According to David Palmer, president & CEO of Diamond Resorts, the completion of this project will provide his company inventory to support more than $400 million in investment sales.

Diamond Resorts manages vacation ownership resorts and has a network of more than 330 vacation destinations in 34 countries throughout the continental United States, Hawaii, Canada, Mexico, the Caribbean, South America, Central America, Europe, Asia, Australasia and Africa.

Och-Ziff Capital Management, headed up by billionaire Daniel Och, is one of the largest institutional alternative asset managers in the world with about $46.8 billion in assets under management as of July 1.

Photo credits: Travis Thurston via Wikimedia Commons

Landmark Honolulu Building Undergoes Stunning Transformation

29 Jul 2015, 3:33 pm

By Adriana Pop, Associate Editor

The renovation of the historic 677 Ala Moana mixed-use building at the entrance of Kakaako in Honolulu will wrap up this fall.

677 Ala Moana Building in Kakaako

677 Ala Moana Building in Honolulu

According to the Pacific Business News, Michigan-based Redico is investing $14 million into the facility’s refurbishment. The company recently held a blessing ceremony at the site, with president & CEO Dale Watchowski in attendance.

Kamehameha Schools holds the ground lease for the property. Formerly known as the Gold Bond Building, the 12-story, 272,191-square-foot structure is located right across the street from the new towers that are currently being built as part of the trust’s “Our Kakaako” master plan.

Upgrades will bring a striking façade makeover, a redesigned main floor lobby, reconfigured entrances to the Ewa and Diamond Head sides, extensive improvements to common areas on every floor, and the creation of pedestrian-friendly facing street. Other elements of the renovation include a parking structure that enables tenants to park on the same floor that they work on, as well as new air conditioning chillers, a sustainable energy management system, elevator enhancements, and a state-of-the-art fire and life safety system.

Redico retained Honolulu-based MGA Architecture as project designer and Swinerton Builders as general contractor.

Image via 677alamoana.com

Dream for Hawaii’s Place of Joy to Become Reality

8 Jul 2015, 12:46 pm

By Adriana Pop, Associate Editor

Four Seasons Resort Oahu at Ko OlinaPlans are moving forward for the first Four Seasons resort on Oahu.

According to the Pacific Business News, the development team has been issued a major building permit for the project, which will result from the complete overhaul of the former JW Marriott Ihilani Resort & Spa at the master-planned Ko Olina community in West Oahu.

The Resort Group, led by Hawaii real estate developer Jeff Stone, and its Canadian partner Westbank are investing an estimated $500 million into the development, which includes $250 million for the hotel’s acquisition and another $250 million for its reconstruction.

Once the renovation is complete, by February 2016, the new Four Seasons Resort Oahu at Ko Olina (which stands for “place of joy” in Hawaiian) will feature about 400 fully refurbished units. Of these, about half will be guestrooms dedicated for hotel use, while the rest will be resort condominiums.

Plans also call for a new 15-story tower with 150 Four Seasons-branded luxury residences, the first project of its kind on the island. This component of the development—known as the Four Seasons Resort Estates Oahu at Ko Olina—was designed by 2013 Pritzker Architecture Prize winner Toyo Ito and will be unveiled in September.

“This is the fulfillment of a long-held dream for Ko Olina,” Stone said in an earlier statement, when the plan was launched in 2014. “The economic impact of the project, the return to the state and county, is over $1 billion. This is a real hotel with real residences that are part of the hotel. No brand has ever come and done this.”

Four Seasons Hotels & Resorts operates several properties in Hawaii, including the Four Seasons Resort Maui at Wailea, the Four Seasons Resort Hualalai at Historic Kaupulehu on the Big Island and the Four Seasons Resort Lanai, The Lodge at Koele.

Photo credits: Four Seasons Hotels & Resorts

In the Pipeline: Hawaii Senior Living Coming to West Oahu

2 Jul 2015, 4:00 am

By Adriana Pop, Associate Editor

Ilima at LeihanoConstruction on one of the newest Kisco Senior Living projects is nearing completion.

According to the Pacific Business News, the $30 million, three-story facility in the heart of the pedestrian-friendly city of Kapolei in West Oahu will be ready for move-in by November.

Called Ilima at Leihano, the new development is located in a park-like setting on a 3.8-acre parcel that is part of the 40-acre Leihano mixed-use community.

Designed by Group 70 International, Ilima at Leihano features 84 independent, assisted-living and memory-care units, along with large common areas and extensive outdoor gardens.

Monthly rents will range from $5,805 for a studio of about 410 square feet to $7,675 for a two-bedroom, two-bathroom unit of about 995 square feet.

The property also offers easy access to a variety of amenities for all generations, including the 60-acre Kapolei Regional Park across the street, the Kapolei Library, West Oahu Queens Medical Center, a future transit station, shopping and dining options, an Embassy Suites hotel, First Hawaiian Bank, home furnishings company C.S. Wo & Sons and medical services.

This is one of the main reasons why California-based Kisco Senior Living selected Kapolei as the location for its soon-to-open Hawaii project, which has been seven years in the making. Within the last four years, the company closed on the final land acquisitions from the James Campbell Co.

“We started the project before the recession, waited out the recession, and then for a lot of the infrastructure to come in,” Kisco Senior Living’s chief development officer, Mitchell Brown, told the newspaper.

Photo credit: Kisco Senior Living

Marriott Vacations Time-Share Option Coming to the Big Island

23 Jun 2015, 4:38 pm

By Adriana Pop, Associate Editor

Waikoloa Beach Marriott in Hawaii

Waikoloa Beach Marriott on the Big Island in Hawaii

Marriott Vacations, one of the world’s largest time-share companies, agreed to purchase 240 rooms at the 555-key Waikoloa Beach Marriott Resort & Spa on the Big Island.

According to the Pacific Business News, the company is spending $38.5 million on the acquisition of these vacation ownership units, which it plans to convert into 112 timeshare condos.

Upon completion of the transaction sometime next year, the Orlando-based company plans to spend an additional $45 million to $55 million on renovations. The new resort condos, which should be ready for occupancy by 2017, will become part of the Marriott Vacation Club Destinations program. Sales are expected to begin in 2016.

The Waikoloa Beach Marriott Resort & Spa changed owners in February. The 16-acre property is currently owned by SMG | Hotel Waikoloa LLC, a joint venture between Colorado developer Silverwest Hotel Partners LLC, private equity firm Mariner Real Estate Management and an affiliate of Global Endowment Management, and managed by Marriott International.

The partnership purchased the resort from a Blackstone affiliate for approximately $68 million, according to public records.

Marriott Vacations currently operates more than 60 resorts with 400,000 owners and members across its world renowned timeshare brands, including Marriott Vacation Club, Grand Residences by Marriott and The Ritz-Carlton Destination Club.

Photo credit: www.marriott.com

Check out an executive insight into today’s timeshare industry.

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