Hotel Renew, Honolulu, to be renamed Hotel Renew by Aston
 |
| Holden Lim |
SAN FRANCISCO, CA – HFF announced today that it has closed
the $23.5 million sale of Hotel Renew, a 72-room, fully-renovated,
designer boutique hotel in Honolulu, Hawaii.
HFF
marketed the property on behalf of the seller, Z-Tower, LLC. An affiliate of Atrium Holding Company
purchased the asset for $23.5 million.
The hotel was offered fee simple and unencumbered of brand and
management, a rarity in Hawaii. The
buyer will rebrand the property as Hotel Renew by Aston.
 |
| William Stadler |
Hotel
Renew is located at 129 Paoakalani Avenue one-half block from the
world-renowned Waikiki Beach.
Originally built in 1967, the nine-story property was completely renovated
in 2008, guided by the acclaimed designer, Jiun Ho, which totally
transformed the property into a designer boutique hotel.
Hotel amenities include Renew Lounge serving continental
breakfast and evening cocktails, garage parking and on-site moped and surf
board rentals.
The
HFF investment sales team representing Z-Tower, LLC, was led by managing
director Holden Lim, senior managing directors William Stadler
and Dan Peek and managing director Scott Hall.
“We
are very pleased to have had the opportunity to represent the seller in this
important assignment. Due to the unique
attributes of the Hotel Renew and strong momentum of the hotel market in
Honolulu, where RevPAR growth has been the strongest of all the major markets
in 2012 and year-to-date 2013, we received significant interest from both
domestic and international investors,” noted Lim.
 |
| Scott Hall |
“As owners of a boutique hotel whose renovation and grand
opening coincided with the Great Recession, we feel pleased and rewarded that
we held onto our dream renovation, which converted to financial viability once
the economy turned; and has rendered our hotel greatly desired by consumers and
potential buyers alike,” said Steve
Heimler, Principal of Z-Tower, LLC.
“HFF did a great job in representing ownership and the sale was
conducted nearly flawlessly and with an extremely positive outcome for us.”
 |
| Steve Heimler |
For a complete copy of the company’s new release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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