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WAIKIKI, HI-The San Francisco-based Chartres Lodging Group has acquired the 451-room Ocean Resort Waikiki hotel in a joint venture that plans to renovate, rebrand and reposition the property. The Chartres partner in the venture is a fund managed by Morgan Stanley Real Estate Investing. Kokua Hospitality, an independent management firm affiliated with Chartres Lodging, will take on the management of the hotel.

Robert D. Kline, Chartres Lodging president and co-founder, said in announcing the deal that Chartres “has been patiently waiting for the right time and circumstances to invest in the Waikiki lodging market. “Waikiki’s market fundamentals have been resurgent,” Kline said, noting that the Ocean Resort is situated within a block of the beach and “is an ideal value-added investment opportunity.”

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