Posted on: Saturday, October 2, 2004
Waikiki Gateway Hotel is sold
By Andrew Gomes
Advertiser Staff Writer
The A-shaped Waikiki Gateway Hotel has been bought by an affiliate of a Japanese mortgage and rent insurance company, which plans an initial $2 million renovation that could be followed by a more extensive upgrade later.
Jeannie Fogarty Home of Nick's Fishmarket, the 200-room hotel is oriented towards business travelers with nightly rates between $50 and $190. It will continue to be managed by Principle Hotels & Resorts, an affiliate of previous owner Hiroki Shuto, who bought the property in 1987 from local hotel developer André Tatibouet.
"It's a landmark, and it will continue to be a business hotel," said Jeannie M. Fogarty, a local real estate agent who represented Zenkoku Hosho and an officer of the firm's local affiliate Nomura Financial Ltd.
Waikiki Gateway is the first investment in the United States for Zenkoku Hosho, headed by Tadatoshi Asakawa. Fogarty said Asakawa plans to expand his holdings in Hawai'i.
Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.
Tokyo-based Zenkoku Hosho Co. Ltd. purchased the 17-story property sandwiched between Kalakaua Avenue and the beginning of Kuhio Avenue for an undisclosed price on Thursday.
The new owner of the 17-story Waikiki Gateway Hotel plans an initial $2 million renovation of the local landmark.
