By Adriana Pop, Associate Editor
Private equity real estate investment firm Walton Street Capital L.L.C. recently acquired the 298-key Ambassador Hotel Waikiki in downtown Honolulu.
According to the Pacific Business News, the company paid $71.5 million for the purchase of six parcels of a combined 67,229 square feet, including the 26,470-square-foot lodging facility at 2040 Kuhio Ave. in Waikiki.
Ambassador Hotel Inc. was the seller of the budget hotel, which offers easy access to the Ala Moana shopping mall, Waikiki Beach and other city attractions.
Walton Street’s other investments in Hawaii include the 185,700-square-foot Maui Mall in Kahului. The company purchased the property in a partnership with Alberta Development Partners of Denver last year.
In 2004, the Chicago investor also acquired 35 acres of industrial property at Campbell Industrial Park. Black Development Corp. sold the West Oahu property for about $27 million.
In other news, Khon2 reports that Ala Moana Center has completed one of the largest rooftop solar photovoltaic projects in Hawaii.
The system covers 85,000 square feet of previously unused roof space and includes more than 4,730 solar panels. The 1.17-megawatt project began generating electricity for the facility’s common areas at the beginning of this year.
“We embrace sustainability as an intrinsic part of how we do business and are focused on enhancing operational performance and using resources in a responsible manner,” Francis Cofran, senior general manager of Ala Moana Center, said in a prepared statement. “The solar photovoltaic system installed is an example of this commitment. The solar panel system will help alleviate the high cost of electricity at the mall, while significantly improving the region’s energy consumption.”
Next year, General Growth Properties, the mall’s owner and operator, expects to complete the second phase of the solar project, which will cover the Ewa wing of the property.
Photo credit: www.ambassadorwaikiki.com