Aqua Retains Waikiki Wave Management

Honolulu-based Aqua Hotels & Resorts is continuing to manage the newly renovated Aqua Waikiki Wave Hotel following the sale of the property. The Aqua Waikiki Wave completed $7 million in renovations this fall before joining the Aqua portfolio as its flagship boutique hotel. The 247-room property was bought by CR Wave, an affiliate of Ramsfield Hospitality Finance, from Coral Reef Development Co. for an undisclosed price. In related news, Aqua is scheduled to begin managing the 80-room Coconut Plaza Hotel, also located in Waikiki, on December 30. The hotel will undergo renovations early in 2007 budgeted at several million dollars, and then will be placed in the Aqua Boutique Collection portfolio. Visit [www.aquaresorts.com].

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