Sheraton Renovations Total $230M
HONOLULU-Four hotel properties here under the Sheraton brand have received a total of $230 million in renovations from Sheraton Hotels & Resorts and its owners, according to Starwood Hotels & Resorts Worldwide Inc., which owns the Sheraton brand. The properties underwent a large-scale project that spanned several years.
The project covered a $188-million renovation of the Sheraton Waikiki, a $6.5-million renovation of the Sheraton Maui Resort & Spa, a $16-million upgrade to the Sheraton Kauai Resort and a $20-million refresh of the Sheraton Kona Resort at Keauhou Bay.
The 31-story Sheraton Waikiki renovation included new guest rooms and suites, redesigned public areas with new landscaping and pools, renewed convention facilities, new restaurants and bars and new back-of-house equipment to increase service efficiency. The Maui resort also received redesigned and renovated guest rooms and several steps toward sustainability with the installation of electric-vehicle charging stations in the parking structure. The Kauai resort was revitalized with a refurbished and modern porte-cochere and upgraded lobby that opens onto a new, elegantly landscaped open-air ocean courtyard. Intimate seating areas, a newly expanded and tiered ocean pool lined with eight private bungalows and a new restaurant and lounge are also recent enhancements. The Kona resort and spa received significant enhancements to guestrooms, public areas and meeting spaces, a new lobby and oceanfront dining concepts.
According to Starwood, the Sheraton brand—the firm’s largest—is gaining market share as RevPAR continues to rise, guest satisfaction scores are the highest in the brand’s history, and likelihood-to-return, likelihood-to-recommend and meeting-planner and associate-engagement scores are also at all-time highs. The extensive project culminated at a time when business and leisure travel to the Hawaiian Islands continues to grow.
As GlobeSt.com reported in August, industry experts say with a dearth of available properties and a wealth of investors seeking them, the hotel space is looking up. According to Jones Lang LaSalle Hotels research, global hotel transaction volume during 2011 totaled $31.2 billion, a 17% increase over 2010, and hotel real estate investment in the Americas reached a four-year high last year, with transaction volume swelling to $15.2 billion, a 24% year-over-year rise.
For more insight on lodging and hospitality sector, check out GlobeSt.com's NEW columnist, HREC Investment Advisors' Geoffrey E. Davis, as he provides insights on the current state of hotel investment.
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