This property is Off-Market

2424 Kalakaua Avenue
Honolulu, HI 96815 ·

27,455 SF · Land For Sale

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Hyatt Regency Waikiki Land

Price N/A Property Use Type Vacant/Owner-User
Lot Size 27,455 SF Property on Ground Lease? Yes
Property Type Land APN / Parcel ID 1-2-6-23: 10 & 11
Property Sub-type
Leased Land
More...
  • Commercial/ Other (land)
Zoning Description Resort Mixed-Use Precinct of the Waikiki Special District
Listing ID: 16973569 Date Created: 01/10/2011 Last Updated: 02/23/2011

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.

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

Research

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

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