POSTED: 01:55 p.m. HST, Jul 11, 2012
Kyo-ya Hotels and Resorts LLC has extended its lease with landowner Kamehameha Schools for the 10 acres under the Royal Hawaiian Hotel for another 65 years until December 2076.
“Kamehameha Schools has been an excellent partner in Kyo-ya’s success for nearly 40 years. We are excited and honored to extend our relationship for another 65 years and ensure Kyo-ya’s continued stewardship of the Royal Hawaiian Hotel. Our significant investments in this historic property represent our commitment to maintaining its cultural and economic value as the Pink Palace of the Pacific,” said Greg Dickhens, President of Kyo-ya.
Kyo-ya said it has invested more than $57 million in the Royal Hawaiian in the last five years.
Kamehameha Schools said the beachfront hotel property and adjacent Royal Hawaiian Center comprise the trust’s most significant commercial real estate holding.
“Kamehameha is pleased to extend this lease with Kyo-ya, a longtime lessee and respected steward of our land,” said Paul Quintiliani, director of Kamehameha’s Commercial Real Estate Division. “Kyo-ya has been a valued contributor to Waikiki’s beautification and has helped preserve Honolulu’s position as a world-class destination.”
Kyo-ya owns five hotels in Hawaii: the Sheraton Waikiki Resort; the Moana Surfrider Hotel, A Westin Resort and Spa; the Royal Hawaiian, A Luxury Collection Resort; the Sheraton Princess Ka‘iulani; and the Sheraton Maui Resort and Spa.
Kamehameha Schools, a charitable trust, operates a statewide educational system with more than 6,900 students of Hawaiian ancestry.