Posted on: Tuesday, November 9, 2004

Lots near Waikiki condo up for sale

By Andrew Gomes
Advertiser Staff Writer

The California-based investment firm that converted the former Ohana Hobron Hotel into The Windsor residential condominium has listed for sale nearly two acres of property ringing the Waikiki high-rise.

The property, mauka of Discovery Bay along U-shaped Kaio'o Drive off Hobron Lane, is being marketed as a development opportunity for low-rise condos targeted to second-home buyers.

Oaktree Capital Management LLC is asking $9.5 million for the 12 lots, about half the $19.4 million it paid for the property and the 600-room hotel in 2001.

Oaktree initially planned to convert the hotel into a senior-living complex with the surrounding land potentially for assisted-living units, a skilled-nursing facility or additional independent-living condos.

But last year during the conversion, which included razing about 80 rundown low-rise rental apartments around the hotel, senior-resident requirements were eliminated and units were sold as market condos.

Recent listings in the 181-unit tower range from about $400,000 to $800,000.

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