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The Honolulu Advertiser
Posted on: Saturday, November 11, 2006

All condo units sold out in Trump's hotel

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By Andrew Gomes
Advertiser Staff Writer

Interested buyers checked out a model of the new Trump Tower Thursday in Waikiki where buyers gathered to sign contracts.

JEFF WIDENER | The Honolulu Advertiser

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Developers of the Trump International Hotel & Tower Waikiki Beach Walk said yesterday every one of the project's 464 hotel-condominium units has sold out for a rough total of $700 million.

Donald Trump and partner Irongate Capital said the number of units and dollar volume set a record for condo property sold in Hawai'i for a single project in one day.

The units were sold on Thursday at a sales event at the Halekulani Hotel.

The developers said the previous record for sales in a single day was last year's sale of 318 units for $425 million at the first phase of the Maui resort condo Honua Kai by Intrawest Corp.

"I predicted that Trump Tower Waikiki would be the most luxurious development in Hawai'i, and buyers responded," Trump said in a statement.

Irongate co-founder Jason Grosfeld said buyers can be assured that when the tower is completed in mid-2009, they will own a piece of a landmark hotel.

The project, being developed for an estimated $400 million, is the first time in 25 years that a new five-star hotel is being built on O'ahu.

Among planned amenities and services at the project on Saratoga Road fronting Fort DeRussy are a wine cellar, library, lobby bar, cafe, pool, fitness center, spa and 24-hour maid and concierge services.

Prices for units ranged from the mid-$400,000s for a 500-square-foot studio to more than $9 million for a three-bedroom penthouse. The average price was $1.5 million.

About 1,500 individuals or groups largely from Hawai'i, California, Japan, Canada, Mexico, Europe and China had expressed interest in the project since September.

The successful applicants selected units and signed sales contracts yesterday.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.