Chartres, Morgan Stanley Acquire Ocean Resort Waikiki
- Dec 23, 2010
December 23, 2010
By Allison Landa, News Editor
San Francisco hotel investment and advisory firm Chartres Lodging Group L.L.C. has partnered with a fund managed by Morgan Stanley Real Estate Investing to buy the 451-room Ocean Resort Waikiki. The joint venture has plans to completely renovate, rebrand and reposition the 33-year-old property, which is located on the island’s Diamond Head end. Chartres managing partner & co-founder Maki Nakamura Bara said that the renovation will include all public spaces, the pool deck and the guest rooms.
Chartres president & co-founder Robert Kline said that the resort provided an ideal opportunity to enter the Waikiki lodging market. He added that local market fundamentals are resurging.
Kokua Hospitality, which is an independent management firm affiliated with Chartres Lodging, will take control of hotel management. The company currently manages properties including the W Aloft Hotel in Maryland, The Inn of Chicago and the Doubletree Chicago Magnificent Mile.
San Francisco-based Chartres currently has a $5 billion, 15,600-room portfolio of luxury and upscale hotels, conference centers and resorts in the United States and Japan. It also has offices in New York, Los Angeles, Chicago and Tokyo.