News for the Hospitality Executive
SAN FRANCISCO (Dec. 22, 2010) – The Chartres Lodging Group, LLC (http://www.chartreslodging.com/), the San Francisco hotel investment and advisory firm, has completed its purchase of the 451-room Ocean Resort Waikiki in a joint venture with a fund managed by Morgan Stanley Real Estate Investing, and has announced plans for complete renovation, rebranding and repositioning of the property. Kokua Hospitality, an independent management firm affiliated with Chartres Lodging, will take on the management of the hotel.
"Chartres Lodging has been patiently waiting for the right time and circumstances to invest in the Waikiki lodging market and discovered the Ocean Resort to present the ideal opportunity,” said Robert D. Kline, Chartres Lodging president and co-founder. “Waikiki's market fundamentals have been resurgent. The Ocean Resort is located within a block of the beach and is an ideal value-added investment opportunity."
Conveniently located on the Diamond Head end of Waikiki and just a block’s walk to the Waikiki Beach, the Ocean Resort Hotel Waikiki is a springboard to many activities and attractions for visitors. Attractions near the property include the Honolulu Zoo, Waikiki Aquarium and the 108-acre Kapiolani Park. The hotel is also situated nearby popular shopping areas such as the International Marketplace and the Royal Hawaiian Shopping Center, and City & County of Honolulu’s bus route, the main mode of public transportation in Oahu.
"We're very excited to be undertaking a transformational renovation of this hotel involving a full revitalization of all public spaces, pool deck and guest rooms,” explained Maki Nakamura Bara, Chartres Lodging managing partner and co-founder. “The average size of the guestrooms is extraordinarily large, which makes the hotel more conducive to families and longer-term visitors."
Plans call for Chartres Lodging to renovate, rebrand and reposition the Waikiki property over the next 18 months. “Virtually every square inch of the public areas and guestrooms will be refurbished,” explained Barry Nidiffer, senior vice president of Chartres Lodging’s Development Management group. He continued, “Our complete makeover renovation will feature a renewed pool deck area with its ocean views, a complete redesign of the lobby and a full refurbishment of the oversized guestrooms and kitchenettes.”
As plans for the Ocean Resort Waikiki are executed, Kokua Hospitality will assume management of the property and operations. Current portfolio of Kokua Hospitality-managed properties includes the Inn of Chicago, The Allerton Hotel, Double Tree Chicago Magnificent Mile, and W Aloft Hotel in Maryland.
“Kokua Hospitality is an owner-centric hotel management company with its roots in Hawaii. We are thrilled to be taking over management of the Ocean Resort at the precipice of its dramatic repositioning,” said Phil Tufano, partner and executive vice president of operations, Kokua Hospitality.
About The Chartres Lodging Group, LLC
The Chartres Lodging Group, LLC, is an investment and advisory firm focused on the investment, asset management and renovation of high-quality lodging assets. Chartres Lodging Group’s principals have been responsible for more than $8 billion of lodging investments and have asset-managed more than 100 upscale and luxury hotels, resorts and conference centers. The firm is currently responsible for a $5-billion, 15,600-room portfolio of luxury and upscale hotels, conference centers and resorts located throughout the United States and Japan. Chartres’ principals and employees are direct investors in 65 percent of this portfolio. Chartres Lodging is headquartered in San Francisco, with offices in New York, Los Angeles, Chicago and Tokyo. For more information on The Chartres Lodging Group, please visit http://www.chartreslodging.com/ .
About Morgan Stanley Real Estate Investing
Morgan Stanley Real Estate Investing is one of the largest real estate investment managers globally. Since 1991, it has acquired $173.7 billion of real estate assets worldwide and currently manages $59.5 billion in real estate assets on behalf of its clients. For more information about Morgan Stanley Real Estate Investing, please visit http://www.morganstanley.com/realestate/.
Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The Firm's employees serve clients worldwide including corporations, governments, institutions and individuals from more than 1,300 offices in 42 countries. For further information about Morgan Stanley, please visit http://www.morganstanley.com/.
About Kokua Hospitality, LLC
Kokua Hospitality, LLC, is a hotel management firm founded by its parent, The Chartres Lodging Group, LLC, with the mandate to become the operator of choice for strategic institutional and select private lodging investors by producing superior results as turnaround specialists. Created by veteran lodging investment and management experts to appeal to an investor’s sensibility, Kokua Hospitality blends best-in-class operating practices with an owner’s DNA. The name (pronounced “ko-kooh-ah”) is Hawaiian for “to serve.” Kokua Hospitality manages a growing portfolio of hotels and resorts nationwide. For more information on Kokua Hospitality, please visit http://www.kokuahospitality.com/ and follow us on Twitter @kokuahotels and http://kokuahospitality.wordpress.com/.
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