The Waikiki Trade Center, a Honolulu mixed-use high-rise has been selected to become a 230-key boutique hotel. The building’s owner, Coastwood Capital Group, a San Francisco-based firm, has entered into a partnership with The Chartres Lodging Group LLC, a San Francisco-based advisory company, to convert the 22 story, 248,000 square foot building into a hospitality property.
On completion the new hotel, which has yet to be named, will feature 230 guest rooms, along with a pool and entertainment deck on its eighth floor. There will be a mix of street and mezzanine level retailers for guests’ shopping conveniences. Nordstrom Rack will open its second store in Hawaii at the Trade Center next spring.
$61 Million Project
The cost of the project has been estimated at $61 million. Completion of the hotel has been set for the fall of 2016. The Queen Emma Land Co. owns the land where the building sits.
Kokua Hospitality, which is the management arm of Chartres Lodging will provide renovation support services, pre-opening tech services and property management services for the new hotel. On completion, the new hotel may operate under the Hyatt Centric brand. This brand caters to business travellers.
The Waikiki Trade Center redevelopment will bring more hotel rooms into the market, which has lost more than 5,000 of them since 2000. At present, high rise is under-utilised, since it is only 20 percent leased and used as an office building.
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