The Ewa Resort Waikiki, positioned at 2555 Cartwright Rd, Honolulu, HI, is now listed on the market. CBRE, Inc. has been appointed because the unique advertising advisor for this leasehold sale. The lodge is strategically positioned within the coronary heart of Waikiki, a globally acknowledged vacationer vacation spot, and presents important potential for buyers seeking to capitalize on its prime location and underutilized options.
Property Overview
The Ewa Resort Waikiki is located on 15,000 sq. ft of leasehold land and includes 92 visitor rooms. It boasts an Eighth-floor rooftop deck with panoramic views of the Pacific Ocean and Diamond Head. The property’s lease was just lately prolonged, offering a 50-year time period with identified hire via 2045, eliminating the uncertainty of hire re-openings. This makes the asset extremely financeable, a uncommon benefit in Hawaii’s floor lease market.
Funding Highlights
Location
The lodge’s location is one among its most engaging options. It’s simply steps away from Waikiki Seaside, Kapiolani Park, the Honolulu Zoo, and Diamond Head. The realm is wealthy with facilities, together with standard meals and beverage retailers, retail outlets, and leisure venues such because the Worldwide Market Place. This prime location ensures a gradual inflow of vacationers and potential visitors.
Unencumbered by Administration and Model Affiliation
The sale of the Ewa Resort Waikiki comes with none present administration or model obligations. This gives buyers with the flexibleness to implement a brand new administration technique or rebrand the lodge. There is a chance to accomplice with Aqua-Aston Hospitality or introduce an internationally acknowledged lodge model to strengthen its market place in Waikiki.
Strategic Repositioning Alternative
Buyers have the prospect to reposition the lodge as an upscale property via important renovations and the introduction of a brand new model. By enhancing service ranges, room high quality, and visitor facilities, the lodge can appeal to a extra subtle clientele keen to pay increased room charges. That is significantly advantageous as Waikiki has seen a shift from economic system resorts to up-market manufacturers, creating demand for well-designed, reasonably priced lodging.
Favorable Floor Lease
The prolonged floor lease, with 50 years remaining, features a interval of identified hire for over 20 years. This removes monetary threat and enhances the property’s attractiveness to potential financiers. This stability is rare in Hawaii’s floor lease market, including to the funding’s enchantment.
Capitalizing on Underutilized Options
The Ewa Resort Waikiki has a number of underutilized options that may be leveraged to reinforce its worth. Most rooms are geared up with kitchenettes, making them interesting to a broad vary of visitors. Moreover, the Eighth-floor sundeck, which presents gorgeous ocean views, may very well be reworked right into a lounge space or one other visitor amenity, additional growing the property’s attractiveness.
Boundaries to Entry
Waikiki’s zoning laws and restricted availability of land zoned for lodge and industrial use create important obstacles to entry for brand new developments. This shortage ensures stability for the purchaser and permits for the implementation of an optimum enterprise mannequin with out the specter of new competitors within the speedy neighborhood.
Inquire at CBRE.