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New Owners Slate $12M Renovation for Waikiki Beachcomer

HONOLULU-The new owners of the 490-room hotel--Rockpoint Group LLC and Outrigger Enterprises Inc.--plan to renovate the property in 2007. A recent report says the hotel market in Hawaii will continue to outperform the nation as a whole into 2006.

By Brian K. Miller | Updated on December 06, 2005

HONOLULU-The new owners of the 490-room Waikiki Beachcomber Hotel here are planning a $12.1-million renovation of the well-located property. The work will get under way in 2007.

Situated in the heart of Waikiki on Kalakaua Avenue, Waikiki’s main thoroughfare, the hotel sits across the street from Waikiki Beach and is within walking distance of Outrigger’s Waikiki Beach Walk retail and entertainment redevelopment project. Existing amenities include 23,000 sf of meeting facilities, an outdoor swimming pool and 43,330 sf of retail space anchored by Macy’s.

The new owner is a joint venture of Rockpoint Group LLC and Outrigger Enterprises Inc. Although the acquisition price was not immediately available, Sonnenblick Goldman and Hospitality Advisors LLC say they arranged $46.2 million in acquisition and renovation financing. The non-recourse, fixed rate first mortgage loan was funded by AIG Global Investment Group.

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