The Sheraton Kauai is located alongside Poipu Beach on the south side of the island. The resort sits on 18 acres that includes five restaurants and lounges; a fitness and massage center; two outdoor pools and Jacuzzi, and; tennis courts and two championship golf courses within two miles.
"We are pleased to acquire this resort property at a very attractive price per key representing a discount to replacement cost," says Starwood Real Estate Group president Ted Darnall. "Acquiring this resort reinforces our strategic commitment to Kauai and the Hawaiian Islands, which remain the most important leisure destination for U.S. travelers."
The transaction is one of several Hawaii resort sales in the past nine months. In November, Host Marriott Corp. paid $398,000 per room for the 806-room Hyatt Regency Maui Resort and Spa located on 37 acres of fee simple oceanfront property on Kaanapali Beach. The Bethesda, MD-based hotel company acquired the property from an affiliate of Blackstone Real Estate Advisors.
In October, because of the need to divest at the request of the Resolution and Collection Corp., Shinwa Golf Group in October sold its three golf properties and 270 acres of resort-zoned land on Maui and Kauai to A&B Properties affiliate South Maui Development LLC for $135 million. Finally, in September, Fairfield, CA-based Presidio Hotel Group LLC acquired its first Hawaii property, the 312-room Coconut Beach Resort at Walpole on Kauai, for $9.5 million and is now in the middle of a $10-million-plus renovation program that will transform the property into Hawaii's first Courtyard by Marriott franchise.
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