ALM LLC bought the operations for an undisclosed price from Ala Moana Property Development LLC and Ala Moana Services LLC, affiliates of Miami-based condominium development firm Crescent Heights.

The acquisition includes the front desk, parking, restaurant spaces, meeting and banquet rooms and most retail and office spaces. At least 1,000 of the hotel's 1,154 rooms — which are individually owned as condominium units — will be managed by ALM Management Services LLC, also an Outrigger affiliate. The 36-story property, which has 425 employees, will continue to be named the Ala Moana Hotel.

ALM Management Services LLC will offer employment to all bargaining unit employees at the hotel when it takes over management in the first quarter, Outrigger said. Outrigger Enterprises Group CEO David Carey said the transition in ownership and management should be seamless for guests, employees and hotel unit owners.