WAIKIKI, HI-Rockbridge Capital, an Ohio-based private equity firm, has reportedly contracted to buy the Aqua Wave Waikiki hotel.
The acquisition, from seller Ramsfield Hospitality Finance, New York, is expected to close soon, according to a report in Pacific Business News.
Ramsfield Hospitality Finance president Richard Mandel told the media outlet that the property was very well-received by the market, and had a lot of interest from buyers all over the world. The hotel was listed by the Los Angeles office of Jones Lang LaSalle.
The Aqua Wave Waikiki, located at 2299 Kuhio Ave., is comprised of 247 rooms and 39 suites, and managed by Aqua Hospitality as part of its Aqua Hotels & Resorts collection.
Jones Lang LaSalle's listing indicated that the hotel's average daily rate rose 21% in 2012 and rose another 28% year-to-date through March 2013.
According to the Journal, CR Nahua LLC, an affiliate of Ramsfield Hospitality Finance, previously owned the Aqua Waikiki Pearl hotel, and sold it to DeBartolo Development LLC last summer.
Click Pacific Business Journal to read the full story.
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