Hawaiian Monarch units for sale

By Andrew Gomes
Advertiser Staff Writer

The bulk of the hotel units at the Hawaiian Monarch Hotel in Waikiki are being sold by an investment affiliate of Hawai'i tour and transportation company Roberts Hawaii Inc.

The company, which bought more than 160 units in 1987 for $5 million, earlier this month began marketing 163 condominium units in the condo/hotel high-rise at 444 Niu St. near the 'ewa end of the Ala Wai Canal.

Prudential Locations has taken sales reservations for about 100 of the units released for sale, and expects to release the remainder of the units later this week.

Project manager Jodee Farm said the initial offering of 31 units was reserved within two hours on Oct. 8, prompting the release of another 60 or so units, which are priced from $62,600 to $81,000 leasehold.

Leases expire in 2054, with lease rent fixed through 2014.

The fee is available from landowner Kurisu & Fergus.

Buyers have the option of keeping the units in the hotel rental pool managed by Castle Resorts & Hotels. Some investors could also choose to rent out the units themselves or live in the units, which are furnished and include a mini-fridge but no kitchen.

The Hawaiian Monarch has 181 hotel units from the 7th to 24th floor. The remaining 251 units from floors 25 to 44 are residential.

At an average price of almost $72,000, the Roberts Hawaii units could fetch a roughly estimated $11.7 million.

Company spokeswoman Sam Shenkus said Roberts Hawaii saw a good opportunity to sell the asset given current market conditions.

The units were not used as part of vacation packages, and were separate from the company's core tour and transportation operations.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.