Historical Land Sale Listing - Hyatt Regency Waikiki Land

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Hyatt Regency Waikiki Land

2424 Kalakaua Avenue, Honolulu, HI 96815

N/A

27,455 SF | Land

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Land - Off Market

Price:
N/A
Lot Size:
27,455 SF
Property Type:
Land
Property Sub-type:
Leased Land
Additional Sub-types:
Commercial/ Other (land)
Property on Ground Lease?:
Yes
APN / Parcel ID:
1-2-6-23: 10 & 11
Zoning Description:
Resort Mixed-Use Precinct
of the Waikiki Special
District
Listing ID
16973569
Last Updated
over 1 year ago

Highlights

  • Land underlying the Hyatt Regency Waikiki Beach Resort & Spa
  • Long term ground lease
  • 145 feet of street frontage along Kalakaua Avenue
  • Ground rent paid by Goldman, Sachs & Co. Whitehall Funds who took ownership of the hotel in 2008 for approximately $420M
  • Across from the world famous Waikiki Beach

Description

The subject property consists of two of the seven land parcels underlying the upscale 1,230-room Hyatt Regency Waikiki Beach Resort and Spa's two hotel towers and retail space. The 27,455 square foot property boasts 145 linear feet of prime street frontage and is improved with the 39-story Ewa Tower of the hotel. The parcels are ground leased through 2047 with rent paid by Goldman Sachs' Whitehall Funds subsidiary who took ownership of the hotel with Hyatt Hotels Corporation in 2008. (Fee Simple)

Hawaii has long been one of the world' s most popular vacation destinations. Waikiki serves as the main hub for visitors traveling to Oahu and houses over 85% of the hotel rooms on the island. With an average hotel occupancy rate in the mid-70 percent range, Waikiki ranks in the top five U.S. hotel markets along with New York and San Francisco. Kalakaua Avenue boasts the same luxury retail prestige as Union Square in San Francisco and Fifth Avenue in New York. These accolades help support high values for prime Kalakaua Avenue land of over $1,000 per square foot.

Map of 2424 Kalakaua Avenue, Honolulu, HI 96815 (Honolulu County)

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Created 1/10/2011