New Ritz-Carlton Luxury Hotel at Waikiki Beach to Begin Sales Summer 2013
(Honolulu, HI.) Trump Tower Waikiki won’t be the new kid on the block anymore. Make room for the Ritz-Carlton, which is about to partner with a Los Angeles-based developer to manage a planned Waikiki condominium-hotel high-rise. It will be the chain’s first splash as a luxury hotel on Oahu.
The New Ritz-Carlton Residences Waikiki Beach
The tower is slated to begin sales this summer. Los Angeles-based developer Pacrep LLC announced that the $275 million tower (formerly known as 2121 Kuhio) will be branded as the Ritz-Carlton Residences Waikiki Beach. The new Ritz will stand some 37-stories sky high and homeowners will begin occupancy by 2016, providing there are little delays. The Ritz-Carlton Hotel Co. currently operates a hotel and residential suites in Kapalua, Maui.
What is a “Condotel?”
Condo-hotels, also referred to as condotels, are similar to traditional hotels except that the developer sells individual rooms to real estate enthusiasts and homeowners, most of whom typically opt to rent the units to tourists and split proceeds with an on-site management firm. Owners also usually have the option to reside in or manage their own units.
Expectations for the Ritz-Carlton Waikiki Condos
We can expect the Ritz-Carlton Waikiki condos will rake in more than $300 million according to its developers, or more than $654,000 per unit on average, according to a final environmental assessment accepted by the City and County of Honolulu. But many residents look forward to the potential 475 new jobs that will be created.
Contact me if you want to purchase one or two of the 459 hotel units. Construction to begin at year’s end, pending City permits and approvals, of course.