OK, this one is a little weird.
The 183-room Maui Seaside Hotel has been listed for sale just as it was expected to transition into Hilton’s Tapestry Collection. Even stranger, Hilton’s website now lists the Tapestry opening date as 2028 rather than this summer.
The timing caught my attention because the current owner, ASAP Holdings, acquired the property in 2022 for $57 million and publicly discussed investing significant capital to take the hotel upmarket. Normally, you execute the renovation, complete the rebrand, and then take the asset to market. Here, the sale appears to be happening somewhere in the middle of the story.
Then there’s how CBRE is marketing the hotel. The property is being offered “fully unencumbered of brand and management.” For those who don’t spend their days buried in hotel contracts, that means the buyer isn’t obligated to keep the Hilton flag, continue the Tapestry conversion, retain Springboard Hospitality, or maintain any existing management arrangement. In other words, the next owner gets a relatively clean slate. Unencumbered is usually a selling point; buyers like the flexibility. What’s unusual is seeing it offered that way mid-conversion.
So maybe that’s exactly the point. Rather than selling a Tapestry Collection hotel, the owners may be selling flexibility. Either way, this has become one of the more intriguing hotel listings in Hawaiʻi right now.
Other Hawaiʻi Hotels on the Sales Block
- Oasis Hotel Waikīkī · 96 rooms · Fee simple. Recently secured the leased fee interest. Experienced sellers, so upside may already be priced in.
- Romer House Waikīkī · 179 rooms · Fee simple. Fresh off a major renovation and 47-room expansion. Beautiful product, performance is still catching up.
- Ewa Hotel Waikīkī · 92 rooms · Leasehold · $16.5M. Reduced below its 2015 sale price of $18.6M. Not something you see every day.
- Paradise Bay Resort: 46 rooms. Fee Simple. Who knew there was a hotel in Kaneohe?
Hotel Broker info supplied by our friends at Powell & Aucello.
