DanZale2000
TUG Member
I'm not sure what this news item implies. Diamond may convert the hotel to condominiums and add the inventory to the Hawaii Collection. Diamond may add the inventory to the Embarc Collection (the hotel was named Honolulu’s “Best Boutique Hotel” by readers of Hawaii Magazine, whatever that might mean). Diamond may add inventory to both Collections. I have read here on TUG about other developers who convert hotels. On the other hand, many DRI members have the idea that Diamond whats to enter the hotel business. If that is true, maybe Diamond leaves the building as is.
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From the Pacific Business News
Time-share resort firm buying The Modern Honolulu hotel
Feb 5, 2018
The Modern Honolulu hotel in Waikiki is under contract to be sold to Las Vegas-based time-share operator Diamond Resorts International for an undisclosed price.
The buyers have signed a purchase agreement and are undergoing a 90-day due-dilligence period before the transaction closes, possibly in early May, Douglas Rucker, managing director of The Modern Honolulu, told Pacific Business News.
Rucker said the hotel’s 400 employees were told about the deal last week, and that until then, and probably afterward, “it’s business as usual.”
“There’s a lot of details that need to be worked out, on both sides,” he said. “What we’ve been told more than anything is that Diamond is as curious about us as we are of them.”
The 353-room was once part of the Ilikai hotel-condominium next door until July 2006, when developer Brian Anderson bought both properties, and simultaneously sold the former Yacht Harbor Tower to M Waikiki LLC for $80 million.
The hotel underwent an extensive renovation over the next few years, reopening in the fall of 2010 as the Waikiki Edition, the first property in a partnership between Marriott International and hotelier Ian Schrager.
In late August 2011, Marriott was removed from managing the hotel in an overnight switch that rebranded the hotel as The Modern Honolulu. Around the same time, M Waikiki LLC filed for Chapter 11 bankruptcy reorganization, emerging from bankruptcy in June 2013.
Diamond Resorts has a number of time-share properties on the Neighbor Islands, is currently developing a new resort in Kailua-Kona.
PBN has reached out to Diamond Resorts International.
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From the Pacific Business News
Time-share resort firm buying The Modern Honolulu hotel
Feb 5, 2018
The Modern Honolulu hotel in Waikiki is under contract to be sold to Las Vegas-based time-share operator Diamond Resorts International for an undisclosed price.
The buyers have signed a purchase agreement and are undergoing a 90-day due-dilligence period before the transaction closes, possibly in early May, Douglas Rucker, managing director of The Modern Honolulu, told Pacific Business News.
Rucker said the hotel’s 400 employees were told about the deal last week, and that until then, and probably afterward, “it’s business as usual.”
“There’s a lot of details that need to be worked out, on both sides,” he said. “What we’ve been told more than anything is that Diamond is as curious about us as we are of them.”
The 353-room was once part of the Ilikai hotel-condominium next door until July 2006, when developer Brian Anderson bought both properties, and simultaneously sold the former Yacht Harbor Tower to M Waikiki LLC for $80 million.
The hotel underwent an extensive renovation over the next few years, reopening in the fall of 2010 as the Waikiki Edition, the first property in a partnership between Marriott International and hotelier Ian Schrager.
In late August 2011, Marriott was removed from managing the hotel in an overnight switch that rebranded the hotel as The Modern Honolulu. Around the same time, M Waikiki LLC filed for Chapter 11 bankruptcy reorganization, emerging from bankruptcy in June 2013.
Diamond Resorts has a number of time-share properties on the Neighbor Islands, is currently developing a new resort in Kailua-Kona.
PBN has reached out to Diamond Resorts International.
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