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Santa Barbara Investor Adds Kona Hotel

HAWAII-Invest West Financial/Pacifica Hotel Co. acquires The King Kamehameha's Kona Beach Hotel for $32 million and plan another $25 million in upgrades.

By Daniel D. Williams | Updated on July 17, 2007

HAWAII-With the local hotel industry experiencing its lowest numbers in four years, a Santa Barbara, CA investor has swooped in to pick up a historic property as its first island buy. Invest West Financial/Pacifica Hotel Co. has acquired the King Kamehameha’s Kona Beach Hotel for $32 million and has plans for another $25 million in upgrades. The buyers picked up the property from Hawaii-based HTH Corp.

Invest West is Pacifica’s parent company and the entity has a “tradition of buying underperforming hotels in good locations, renovating them and getting them back on their feet,” says Lori Keller, vice president of sales and marketing for Pacifica. “This hotel falls exactly into that model.”

While the Santa Barbara group is the lead investor, other players are involved in the acquisition. Those include: IWF LLC, a consortium of Hawaii investors and real estate investors Patrick Beach and Russell Geyser.

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