Posted on: Friday, March 18, 2005
BUSINESS BRIEFS
Ohana hotels to be transformed
Advertiser Staff
The Ohana Waikiki Tower and Ohana Waikiki Village hotels, scheduled to be renovated over the next two years, will reopen as the Embassy Suites-Waikiki Beach Walk.
The development is part of Outrigger Enterprises' $460 million Waikiki Beach Walk project and a result of a franchise agreement between Outrigger and Embassy Suites Hotels.
The Waikiki Beach Walk will be the first Hawai'i hotel for Embassy Suites, which has vacation ownership properties on Maui and Kaua'i.
The renovation of the Ohana Waikiki Tower and Ohana Waikiki Village, which begins in the second quarter of this year, includes converting 844 standard hotel rooms into 421 one- and two-bedroom and hotel room suites.
Robert H. Yeoman, former general manager of the Embassy Suites Hotel Phoenix-Scottsdale, has been appointed general manager.
Princeville Associates announced yesterday that it has completed its purchase of the 9,000-acre Princeville Resort on Kaua'i.
The acquisition includes the 252-room Princeville Hotel, two Robert Trent Jones Jr.-designed golf courses, the Princeville Tennis Club and Pro Shop, Princeville Health Club and Spa, Princeville Shopping Center, and Princeville Airport. The purchase price was not disclosed.
Princeville Associates, led by developer Jeff Stone, is a joint venture between Honolulu-based Land Development Corp. and the Morgan Stanley Real Estate Fund IV Domestic, and Cornerstone Real Estate Advisors. The joint venture purchased Princeville Resort from Suntory Ltd., Mitsui and Company Ltd., and Nippon Shinpan Company Ltd., which had owned the property since 1979.
Stone said a top priority will be to build rental apartments primarily for employees, a major concern of the community.
Sale of Kaua'i resort finalized
