Aqua Hotels announced today that it will take over management of the Honolulu Prince, which was recently purchased by a New York finance and investment firm.

Mike Paulin, CEO and owner of Aqua Hotels & Resorts said that Ramsfield Hospitality Finance has selected Aqua to manage the Honolulu Prince, effective March 26, which increases the Aqua's presence in Waikiki to 12 hotels.

Formerly managed by ResortQuest Hawaii, the 121-room Honolulu Prince is located at 415 Nahua St. and considered a budget hotel. "It increases the number of affordable rooms we have to offer value-conscious travelers," Paulin said.

The hotel said it will be managed as part of the cheaper Aqua Lite line while the recently renovated properties are part of the Aqua Boutique Collection.

Renamed Aqua Honolulu Prince, the hotel is comprised of spacious and comfortable guest rooms along with 1- and 2-bedroom suites. Standard rooms start at $94 per night, based on best available rates, as of last week.