The 716-room Aston Waikiki Beach, which is owned by New York-based Leucadia National Corp., recently underwent a $30 million renovation.

The Kalakaua Avenue hotel, formerly the Hawaiian Waikiki Beach Hotel, was acquired by Leucadia from previous owner Otaka Inc. in June 2001 at a foreclosure auction after purchasing the hotel's mortgage. Aston Hotels & Resorts took over management in July 2001.

The hotel completed its 16-month renovation — including all of the guest rooms, public and retail areas, restaurants and the hotel's exterior — in November 2002 and was renamed the Aston Waikiki Beach Hotel. The property includes Tiki's Grill & Bar and Wolfgang Puck Express.

The property includes a leasehold interest in the hotel's 644-room main tower and a fee-simple interest in the 72-room mauka tower.

Gaylord said it plans to bring in a partner that will own the majority of the equity in the property and has begun negotiations with several interested parties.

"This crown-jewel hotel, located on one of the most desirable beachfronts in Hawai'i, is an important asset in the current ResortQuest portfolio," said Colin Reed, president and chief executive officer of Gaylord. "This transaction will allow us to take advantage of the reinvigoration of the Hawaiian Islands, add substantial value for our shareholders and retain the management contract for years to come. This transaction is central to our previously described strategy of investing modestly in highly prized vacation assets and securing long-term management contracts."

Gaylord, a hospitality and entertainment company, owns and operates Gaylord Hotels, ResortQuest, and the Grand Ole Opry.