A consortium of investors led by Highgate Hotels have acquired the 401-room Courtyard by Marriott Waikiki Beach in Honolulu for US$127 million, according to Real Estate Alert.
With the recent sale of the Hyatt Regency Waikiki Beach Resort and Spa, it appears the Honolulu hotel real estate market is drawing considerable interest from investors.
Highgate Hotels LP is already managing the Courtyard in Waikiki, which was most recently acquired in 2006 for US$94 million by Chicago-based Lodging Capital Partners and Westbrook Partners, according to the Real Estate Alert report.
The original listing for this current deal noted that the buyer has the option to keep the Courtyard by Marriott brand with Marriott International through 2034.