HONOLULU The 425-key Ocean Resort Hotel Waikiki, acquired last month by The Chartres Lodging Group and Morgan Stanley Real Estate, will undergo an extensive renovation and will be rebranded this fall as Hyatt Place Waikiki.
The property will be managed by Kokua Hospitality LLC, which will also oversee the renovation and repositioning.
“We are excited to work with Kokua Hospitality on our first Hyatt Place project in Hawaii,” said Chris Ivy, senior vice president of real estate and development for Hyatt Hotels & Resorts. “The Hyatt Place brand has enjoyed great success since its United States debut in 2006, and we continue to look for opportunities, through either new-builds or conversions like this one, to introduce the Hyatt Place brand to additional markets. Today, in addition to the 160 Hyatt Place hotels open in the U.S., new Hyatt Place hotels are under development in the U.S., Costa Rica, India and Panama.”
Over the next 18 months, both of the property’s hotel towers will undergo an extensive renovation, including a complete redesign of the lobby, guestrooms and public spaces.
“The Ocean Resort Hotel Waikiki acquisition signifies Morgan Stanley’s commitment to the lodging investment sector,” says Kirk Pederson, executive director at Morgan Stanley Investment Management. “With close ties to our investment partner, Chartres Lodging, and a track record of operating successes, Kokua Hospitality and its team of veteran management and turn-around experts were a natural fit to manage this joint venture asset.”