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InvestWestFinancial/Pacifica Hotel Company, Hawaiian Investors Purchase
King Kamehameha’s Kona Beach Hotel – Planning $25 million Renovation  

KAILUA-KONA, Hawaii - July 17, 2007 - InvestWestFinancial/Pacifica Hotel Company announced today that it has purchased the historic King Kamehameha’s Kona Beach Hotel in conjunction with a group of Hawaii investors. Located in the heart of the Kailua-Kona on the Big Island of Hawaii, the landmark oceanfront hotel is the first Hawaii purchase for InvestWestFinancial/Pacifica, which owns and operates hotels in California and Florida. 

“We are tremendously excited to have acquired this property and to be a part of this culturally rich community. We look forward to further enhancing the valuable relationships that exist with both the Ahuena Heiau, Inc., and the Kona Historical Society. We are dedicated to ensuring that the rich Hawaiian heritage of the area will be incorporated into our design plans,” said Pacifica Hotel Company President Mike Barnard. 

Barnard said Pacifica has already started working on plans for the renovation of the 460-room hotel with a budget in excess of $25 million. The renovation is scheduled to begin in spring of 2008, but initial improvements will be underway immediately. The hotel will remain open during renovation, which will be conducted in phases. Pacifica will honor existing union agreements and will retain King Kamehameha’s management staff. 

InvestWestFinancial/Pacifica is joined in the King Kamehameha transaction by IWF, LLC, a consortium of Hawaii investors led by Timothy John Young, president of Blackpoint Capital Advisors, LLC, a Honolulu-based investment and merchant banking firm, and Joseph G. Leoni, Jr., a longtime owner and operator of Hawaii real estate. Other investment partners include real estate investors Patrick Beach and Russell Geyser, who have a diversified portfolio of investments throughout the United States. 

“The King Kamehameha Kona Beach Hotel is a true landmark and special property to both visitors and locals,” said Young. “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. Our vision is to broaden the hotel’s tourism appeal and also restore the local community’s pride in the historic property. In Pacifica, we have found a partner that shares our vision for the asset and is truly excited about Hawaii. Pacifica also brings a long-standing track record of success in the hospitality industry, and a new operating platform to our market,” added Young. 

Pacifica purchased the King Kamehameha Kona’s Beach Hotel, from the Hawaii-based HTH Corporation. The hotel has two six-story towers, restaurants, shops and a wide variety of guest amenities. 

Pacifica Hotel Company owns and operates hotels in the California cities of San Diego, La Jolla, Beverly Hills, Redondo Beach, Marina del Rey, Cambria, and Half Moon Bay, among other locations. It has been ranked among the top 10 hotel management companies in the U.S. for each of the last five years by Hotel Business magazine. Pacifica’s parent company, InvestWestFinancial, is a 37-year-old real estate investment and management firm, which owns hotel, commercial, and residential real estate properties. 

Pacifica Hotel Company focuses on hotel acquisition and development in key California coastal regions, and on premium hotel brand development in strategic and emerging markets in California and Florida. Pacifica Hotel Company owns and manages properties in cities from San Diego to San Francisco as well as in Port St. Lucie, FL that feature superior locations, AAA 3-diamond ratings, insightful amenities and high standards of guest service. For complete hotel descriptions and reservations, visit www.pacificahotels.com. 

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Contact:

Pacifica Hotel Company
Lori Keller, Vice President, Sales and Marketing
805-957-0095 x125
lkeller@pacificahotels.com 

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Also See: Ty Warner Hotels & Resorts, LLC Acquires the Kona Village Resort / July 2004
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