Presidio Hotel Group co-founder Ed DeLorme tells GlobeSt.com the company acquired the 312-room Coconut Beach Resort at Waipouli on Kauai in September for $9.5 million and is now 40% of the way through a $10-million-plus renovation program that will transform the property into Hawaii's first Courtyard by Marriott franchise.

The future Courtyard by Marriott Kauai is located on 10.5 acres of Waipouli Beach in a historic Coconut Grove. Just 10 minutes away from Lihue Airport, it is within walking distance of three shopping villages, including the Coconut Plantation Marketplace, Kauai Village and Waipouli Shopping Center and near attractions such as Waimea Canyon, Kokee State Park, Fern Grotto, Wailua River and Opaekaa Falls.

DeLorme tells GlobeSt.com the impetus to acquire a hotel on Kauai was his familiarity with the island, as he has owned a home there for many years, and the fact that he believes Kauai has much more demand than hotel rooms.