Host Hotels Announces Purchase of The Hyatt Place Waikiki Beach
Host Hotels & Resorts, Inc. (NYSE: HST) announced today that the Company acquired the fee-simple interest in the 426-room Hyatt Place Waikiki Beach in Honolulu, Hawaii for $138.5 million from an affiliate of Chartres Lodging Group, LLC and Morgan Stanley Real Estate Fund VII Global. Kokua Hospitality will continue to manage the hotel subject to a franchise agreement with Hyatt.
The hotel underwent a $45 million renovation and converted to a Hyatt Place in 2012. The hotel is located just 1.5 blocks from Waikiki Beach and is also in close proximity to the Waikiki Aquarium, the Honolulu Zoo and the Kalakaua shopping/entertainment district. Waikiki is a high demand leisure market with occupancy at nearly 90%, an internationally diverse demand base, and high barriers to entry.
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