Updated at 11:41 a.m., Tuesday, July 17, 2007
New Kona Beach Hotel owner plans $25-million facelift
Advertiser Staff
The new owners of King Kamehameha's Kona Beach Hotel on the Big Island are planning a more than $25 million renovation of the 460-room hotel.InvestWestFinancial/Pacifica Hotel Company said it recently closed on the purchase of the property from Honolulu-based HTH Corp. Initial improvements are underway, with renovation slated to begin in the spring. The hotel will remain open during the work.
"We plan to embark on a comprehensive renovation in a manner and style that will enhance the historical significance of the hotel and the 'aina," said Timothy John Young, president of Blackpoint Capital Advisors LLC, who is part of a local group included in the new ownership.
InvestWestFinancial is a 37-year-old firm that owns and manages commercial and residential real estate, including coastal California hotels through subsidiary Pacifica Hotel Co.
The Hawai'i investment group, IWF LLC, is led by Young and Joseph G. Leoni Jr., a Hawai'i real estate owner. Other investors include Patrick Beach and Russell Geyser.
