HONOLULU The Chartres Lodging Group LLC has acquired 451-key Ocean Resort Waikiki in a joint venture with a fund managed by Morgan Stanley Real Estate Investing, and has announced plans for complete renovation, rebranding and repositioning of the property.
The purchase price has not been disclosed. Kokua Hospitality, an independent management firm affiliated with Chartres Lodging, will take on the management of the hotel.
“Chartres Lodging has been patiently waiting for the right time and circumstances to invest in the Waikiki lodging market and discovered the Ocean Resort to present the ideal opportunity,” says Chartres President Robert Kline. “Waikiki’s market fundamentals have been resurgent. The Ocean Resort is located within a block of the beach and is an ideal value-added investment opportunity.”
Plans call for Chartres Lodging to renovate, rebrand and reposition the resort over the next 18 months. “Virtually every square inch of the public areas and guestrooms will be refurbished,” says Barry Nidiffer, senior vice president of Chartres Lodging’s development management group. “Our complete makeover renovation will feature a renewed pool deck area with its ocean views, a complete redesign of the lobby and a full refurbishment of the oversized guestrooms and kitchenettes.”
Situated on the Diamond Head end of Waikiki, the resort is near the Honolulu Zoo, Waikiki Aquarium, the 108-acre Kapiolani Park and the Royal Hawaiian Shopping Center.