Stanford Hotels Corporation of San Francisco Acquires 625-room Outrigger Prince Kuhio Hotel in Waiki

/Stanford Hotels Corporation of San Francisco Acquires 625-room Outrigger Prince Kuhio Hotel in Waiki

Stanford Hotels Corporation of San Francisco Acquires 625-room Outrigger Prince Kuhio Hotel in Waiki

|1999-09-01T00:00:00+00:00September 1st, 1999|

Hotel Online Special Report Stanford Hotels Corporation of San Francisco Acquires 625-room Outrigger Prince Kuhio Hotel in Waikiki Outrigger Hotels & Resorts to reinvest proceeds in Hawaii and Pacific properties HONOLULU, Oahu, Hawaii -September 3, 1999 – Stanford Hotels Corporation of San Francisco announced today that it has entered into an agreement to buy the 625-room Outrigger Prince Kuhio Hotel in Waikiki for an undisclosed amount. The sale is expected to close in mid-October of this year, when Stanford will assume ownership and management of the property, its first in Hawaii.

San Francisco-based Stanford Hotels owns and manages 17 full-service hotels with more than 3,500 rooms in California, Arizona, New Mexico, Florida and Virginia, all under major national franchises including Hilton, Sheraton, Marriott, Doubletree and Holiday Inn. Stanford has indicated it will retain the majority of current employees. Existing bookings and customer commitments will remain unchanged, and the transition between Outrigger and Stanford is anticipated to be smooth, with no service interruption.

Lawrence Lui, President and CEO of Stanford Hotels, said “We are pleased to have a Hawaii property and we are all looking forward to contributing to the Hawaii tourism industry. This investment is a strong statement of Stanford’s belief in Hawaii’s economy.”

“This sale is part of a strategic rebalancing of our portfolio to focus our efforts on our long-term core assets and business,” said David Carey, president and chief executive officer of Outrigger Enterprises. “We plan to invest the proceeds from this sale in our Hawaii properties, particularly our newly acquired Outrigger Waikoloa Beach Hotel on the Kohala Coast of the Big Island, as well as in the Outrigger Wailea Resort on Maui, and our Pacific growth.

This sale fits with our strategy of positioning the Outrigger brand on upscale, beachfront hotels and resorts throughout Hawaii and the Pacific.”

The Prince Kuhio Hotel was built in 1980 and was operated as an independent hotel until it was acquired by Outrigger in 1982. The hotel is located at the corner of Kuhio and Liliuokalani Avenues in Waikiki, one block from Kuhio Beach. In addition to its 625 rooms, it has 8,000 square feet of meeting and banquet space, a swimming pool, fitness facility and two restaurants.

Outrigger Hotels & Resorts is a division of Hawaii-based Outrigger Enterprises, Inc., the largest lodging company in Hawaii and one of the fastest growing lodging companies in the Pacific. Outrigger currently operates or has under development 45 hotels and resort condominiums throughout the Pacific, representing more than 12,000 hotel rooms and condominium units in Hawaii, Micronesia, Australia, and the South Pacific. Outrigger’s affiliate, Outrigger Lodging Services, manages nearly two dozen hotels and resorts throughout the U.S. Mainland.

Contact Sandi Yara or Nancy Daniels Public Relations Department Outrigger Hotels & Resorts 2375 Kuhio Avenue Honolulu, HI 96815-2992 Phone: (808) 921-6941 Fax: (808) 921-6901 E-mail: public.relations@outrigger.com Also See: Outrigger Spending $23 Million to Upgrade the 545 Room Royal Waikolaon on Kona / Jan 1999 Marc Resorts Assuming Management of the 720 unit Island Colony Hotel in Waikiki / July 1999 Hawaii Hotels Finish 1998 with an Occupancy Rate of 64.2%, Down from 1997 Occupancy of 66.4% / PricewaterhouseCoopers / March 1999

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