Blackstone is refinancing the Grand Wailea with a $1 billion CMBS loan. The 795-room resort, appraised at $1.6 billion, was purchased seven years ago for $1.16 billion. Earlier this year, it was being quietly marketed, if your definition of “quiet” includes whispering to billionaires.
If that’s a bit steep for your checkbook, the 135-room Shoreline Hotel and 81-room Coconut Hotel in Waikīkī are now on the market as a fee simple, unencumbered package. For those who may not be familiar with the term, “unencumbered,” it usually means the property isn’t tied up in a long-term franchise or management agreement. Some franchise or management agreements can encumber a property for decades, surviving changes of ownership, without an easy (or cheap) way out.
And if you’re on a tighter budget (and maybe a fan of their legendary pork chops), the Manago Hotel and restaurant on Hawaiʻi Island is back on the market for $5.75 million after a deal fell through in May. The historic 64-room property has been family-run since 1917. It is such a cool historic property, but the cost to upgrade might be more than the actual cost of the property. My guess is it may not come back as a Hotel.
