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Chartres Lodging Acquires Ocean Resort Waikiki, Plans Renovations and RebrandingDecember 22, 2010 By: Staff
The Chartres Lodging Group, LLC, has completed its purchase of the 451-room Ocean Resort Waikiki and has announced plans for complete renovation, rebranding and repositioning of the property. The purchase was a joint venture with a fund managed by Morgan Stanley Real Estate Investing. Kakua Hospitality will be responsible for management of the hotel.
"Chartres Lodging has been patiently waiting for the right time and circumstances to invest in the Waikiki lodging market and discovered the Ocean Resort to present the ideal opportunity,” said Robert D. Kline, Chartres Lodging president and co-founder. “Waikiki's market fundamentals have been resurgent. The Ocean Resort is located within a block of the beach and is an ideal value-added investment opportunity."
The hotel, located on the Diamond Head end of Waikiki and one block from the Waikiki Beach, boasts nearby attractions such as the Honolulu Zoo, Waikiki Aquarium and Kapiolani Park. The hotel is also near shopping areas and the bus route.
Plans call for Chartres Lodging to renovate, rebrand and reposition the Waikiki property over the next 18 months.
“Virtually every square inch of the public areas and guestrooms will be refurbished,” said Barry Nidiffer, senior vice president of Chartres Lodging’s Development Management group. “Our complete makeover renovation will feature a renewed pool deck area with its ocean views, a complete redesign of the lobby and a full refurbishment of the oversized guestrooms and kitchenettes.”