CoastWood Capital Group, Chartres Lodging Group and KKR today announced plans to open Hyatt Centric Waikīkī Beach in the former Waikīkī Trade Center. The new hotel is slated to open this winter and will offer modern accommodations including 230 upscale, oversized rooms and suites with state-of-the-art amenities, spa-like bathrooms, and signature services.
“We’re pleased to bring this exciting Hyatt Centric hotel to the State of Hawai’i,” said Cordell Lietz, President, CoastWood Capital Group. “We’re confident that the new Hyatt Centric Waikīkī Beach, coupled with its central location near the reimagined International Market Place, will contribute greatly to the revitalization taking place along Kūhiō Avenue and, in turn, support the health of Hawai’i’s tourism industry.”
Hyatt Centric Waikīkī Beach will be the first Hyatt Centric hotel in Hawai’i and will place guests in the center of the action allowing easy options for exploration. The new destination hotel will feature floor-to-ceiling windows offering magnificent views of Waikīkī, as well as on-site amenities including an outdoor pool and entertainment deck, upscale bar and restaurant, and 24/7 fitness facility. Upgrades are also being made to the 4-story, 400-stall parking garage, and to the public space immediately surrounding the property.
The addition of a new, 34,000-square-foot, two-level Nordstrom Rack to the redeveloped Waikīkī Trade Center was announced last year and will open in the fall of 2016. Several other retailers will also open at the street level in newly-renovated spaces, including Starbucks, Jamba Juice and American Savings Bank.
“Hyatt Centric Waikīkī Beach and surrounding retail will bring new life to the heart of Waikīkī along Kūhiō and Seaside Avenues,” said Maki Bara, President and Co-Founder of Chartres Lodging Group. “We’re pleased to provide a compelling lodging option easily allowing both guests and locals to experience all that Waikīkī has to offer.”
“We are thrilled to work with CoastWood Capital Group, Chartres Lodging Group and KKR to bring the Hyatt Centric hotel to Waikīkī,” said Steve Haggerty, Global Head of Capital Strategy, Franchising and Select Service, Hyatt Hotels Corporation. “One of the brand’s missions is to put our guests at the center of the action in the best destinations in the world, and we feel we have found the perfect fit with this new location in Hawai’i.”
The Hyatt Centric brand was introduced in 2015 as a new, full-service lifestyle brand within the Hyatt family. Hyatt Centric hotels were created for the millennial-minded traveler who wants to be in the heart of the destination and allows for easy exploration and discovery. From the artwork and furniture, to the food and beverages – each element of the hotel allows guests to more deeply experience the destination.
The idea to repurpose the Waikīkī Trade Center – which was previously an almost-empty office building with a few night clubs – into an upscale hotel destination was driven by the need to provide more much-needed hotel rooms in Waikīkī, which has seen the loss of more than 5,000 hotel rooms since 2000.
A valuable land asset of Queen Emma Land Company, the redeveloped Waikīkī Trade Center will directly support The Queen’s Medical Center, the state’s largest private, nonprofit hospital.
“Hyatt Centric Waikīkī Beach is located on a valuable parcel of land belonging to Queen Emma Land Company. The new hotel and adjacent retail will not only deliver a vibrant new addition along Kūhiō Avenue, but will also create a sustainable income source to support The Queen’s Medical Center and our mission of providing quality health care to Hawai’i’s people,” said Eric Martinson, President, Queen Emma Land Company.
Since launching a dedicated real estate platform in 2011, KKR has committed over $2.7 billion in equity and debt across 70 real estate transactions in the U.S., Europe and Asia as of March 31, 2016. The global real estate team consists of over 40 dedicated investment professionals, spanning both the equity and debt sides of the business.
ABOUT COASTWOOD CAPITAL GROUP, LLC
CoastWood Capital Group, LLC is a specialized real estate investment firm based in San Francisco. Founded by Cordell Lietz in 2003, the company acquires, manages and develops real estate in the United States with an emphasis on retail and other property types with unique operational characteristics. CoastWood has been actively investing in Hawai’i for over a decade and holds interests in several properties throughout Hawai’i including International Market Place, Kings’ Shops and Queens’ Marketplace.
ABOUT CHARTRES LODGING
The Chartres Lodging Group, LLC, is an investment and advisory firm founded by Robert Kline and Maki Nakamura Bara to focus on the acquisition, asset management, renovation and development, and property management of lodging assets. Chartres Lodging has been responsible for approximately $8 billion of investments and its principals have asset managed over 100 upscale and luxury hotels, resorts and conference centers. Chartres Lodging’s principals and employees are direct investors in 90 percent of the portfolio.
KKR is a leading global investment firm that manages investments across multiple asset classes including private equity, energy, infrastructure, real estate, credit and hedge funds. KKR aims to generate attractive investment returns by following a patient and disciplined investment approach, employing world‐class people, and driving growth and value creation at the asset level. KKR invests its own capital alongside its partners’ capital and brings opportunities to others through its capital markets business. References to KKR’s investments may include the activities of its sponsored funds. For additional information about KKR & Co. L.P., please visit KKR’s website at www.kkr.com and on Twitter @KKR_Co.
ABOUT QUEEN EMMA LAND COMPANY
Queen Emma Land Company is a local nonprofit organization established to support and advance health care in Hawai’i, primarily through The Queen’s Medical Center and its affiliates. QEL accomplishes this by managing and enhancing the income-generating potential of the lands left to The Queen’s Hospital by Queen Emma in 1885, and additional properties owned by The Queen’s Health Systems.
ABOUT THE QUEEN’S MEDICAL CENTER
The Queen’s Medical Center is a 501 (c) (3) non-profit corporation, acute care medical facility accredited by The Joint Commission. The facility houses 505 acute beds and 28 sub-acute beds and is widely known for its programs in cancer, cardiovascular disease, neuroscience, orthopedics, surgery, emergency medicine and trauma, organ transplants and behavioral medicine. Queen’s is home to a number of residency programs offered in conjunction with the John A. Burns School of Medicine at the University of Hawai’i. Queen’s has achieved Magnet® status – the highest institutional honor for hospital excellence – from the American Nurses Credentialing Center. Magnet recognition is held by six percent of hospitals in the United States. Queen’s is the first hospital in Hawai’i to achieve Magnet status.
ABOUT THE HYATT CENTRIC EXPERIENCE
Hyatt Centric is a brand of full-service lifestyle hotels located in prime destinations. Created for millennial minded travelers who want to be in the middle of the action, Hyatt Centric hotels are thoughtfully designed to enable exploration and discovery. The lobby lounge is a launch pad providing guests with information about the most sought after food, nightlife and activities the destination has to offer, sourced from a community of “in the know” local explorers. The bar and restaurant are local hot spots where great conversations, locally inspired food and signature cocktails can be enjoyed. Streamlined modern rooms focus on delivering everything guests want and nothing they don’t, including environmentally conscious bath products, Bluetooth-enabled electronics and restaurant to-go delivery service. A team of associates are always available to aid guests in their discovery of the destination and make the most of their stay.