The Park Shore Hotel, which I sold for Blackstone in 2007 at the peak of the last market cycle for $57 million, is back on the market. Our current heated market could allow the owner to come out whole.
Park Shore Waikiki Hotel goes on the market for undisclosed price
Jul 27, 2015, 12:33pm HST
The Park Shore Waikiki Hotel is on the market for an undisclosed price, according to a listing from CBRE Hawaii Inc., which is marketing the sale of the leasehold property. The 221-room, 18-story hotel at 2586 Kalakaua Ave., which was built in 1968, includes 17,661 square feet of commercial space.
Honolulu-based Sasada International LLC, whose chairman is Masanori Sasada, owns the hotel at the corner of Kalakaua and Kapahulu avenues across from the Honolulu Zoo.
Honolulu-based CunhaAina LLC, which has ties to the Bishop Trust Co. Ltd., owns the 39,616 square feet of land that the hotel sits on.
The Park Shore Waikiki Hotel is currently being managed by Aqua Hospitality LLC.
The sales listing notes that significant renovations “will provide the foundation to reposition the hotel as an upscale property with higher level of service, room condition and guest amenities enabling the property to attract a more sophisticated traveler willing to pay a higher room rate than what is currently generated.”
ISasada International purchased the hotel from Blackstone Group for $56.1 million in 2007, according to public records.
Blackstone inherited the Park Shore, which is anchored by Lulu’s Surf Club Waikiki Beach, when it acquired Wyndham International Inc. in 2005.
At the time, the company decided to combine 14 Wyndham properties with seven other hotels and resorts that Blackstone already owned to form LXR Luxury Resorts.
Patriot American Hospitality Inc., a Dallas-based investment trust, bought the Park Shore for $24 million from Japan-based Universal Express (Hawaii) Inc. in 1997. The Japan firm had bought the hotel, once managed by Aston Hotels & Resorts, in 1973 for $5.8 million.