The Pacific Beach Hotel in Waikiki, which is currently undergoing a more than $100 million redevelopment, has been sold for $515 million, according to a new report.
CBRE Hawaii's investment report that was released this month made note of the sale of the 839-room Pacific Beach Hotel, which will be renamed the Alohilani Resort at Waikiki Beach. CBRE said that the hotel changed hands earlier this quarter.
The hotel's redevelopment has recently hit a snag after officials found iwi, or ancient Hawaiian remains, at its site on Kalakaua Avenue, although work continues to move ahead. The new hotel is expected to gain two restaurants by famous chef Masaharu Morimoto.
The Queen Liliuokalani Trust owns the land that the more than 100,000-square-feet of land the hotel occupies. HH Pacific Beach LP is listed as the owner of the hotel.
Despite fewer transactions this year, CBRE says that 2017 is poised to be another active year for investment in the state. Currently, the year-to-date investment sales volume of $1.6 billion represents a 176 percent year-over-year increase from June 2016, according to the report.