Pacific Business News recently reported that New York’s Eagle Point Hotel Partners acquired the 96-room Oasis Hotel Waikīkī for $23 million. But I had a “wait, what?” moment, something sounded off.
After poking around and confirming with Ben Rafter himself (who knows a thing or two about these things), here’s what actually went down. Eagle Point partnered with Rafter to purchase the land under the Oasis, which had been held by the Japanese owner Hawaiʻi Sekitei Corp. The building itself is currently (already) owned by Rafter and Eagle Point.
So no, this wasn’t a full hotel acquisition, even though that’s how it reads. It was a land acquisition.
As you might recall from a past issue, Ben recently merged his company, Springboard Hospitality, with Hotel Equities and took on the larger role as CEO for Atlanta-based Hotel Equities. And while Ben may be managing from Atlanta, you can see his heart (and wallet) are still here in Hawaiʻi.
Remember, as we’ve said before: hotels are complicated, and in Hawaiʻi, even more so. One Hotel can have a different landowner, building owner, manager, and brand. No wonder people get confused… even PBN. 😃
