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Private equity firm buys Waikiki hotel

By Erika Engle

LAST UPDATED: 07:25 a.m. HST, Jan 28, 2014

The Aqua Wave Waikiki Hotel has been purchased by Rockbridge Partners, completing the company's 330th hotel investment.

The 247-room hotel is a block from Waikiki Beach and is adjacent to the International Market Place.

"We look forward to exploring options to elevate the standard of Aqua Waikiki Wave to capitalize on the location," said Jim Merkel, president and chief executive officer, in a statement.

Saks Fifth Avenue will open its first Hawaii store in the former IMP space, which is undergoing renovation.

Rockbridge is a unit of Ohio-based Rockbridge Capital LLC. Terms of the acquisition were not disclosed.

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Bdpapa wrote:
Might be a gold mine but its on Kuhio Ave. and has limited parking. Expect a massive overhaul or demolition.
on January 28,2014 | 06:27AM
RandolphW wrote:
This might be an opportunity to consider selling the sidewalks in Waikiki to the private property owners. This way, they could keep the Homeless Population from camping out on the privately held sidewalks. Selling the sidewalks to the private owners would also generate additional revenue for the seemingly perpetually cash strapped city and county of Honolulu. A number of sidewalks in Waikiki are privately owned, and have been for many decades. Naturally, easement rights for utilities would be kept in place under the sidewalks.
on January 28,2014 | 07:13AM
cojef wrote:
Where did you come with the idea?? Kind of a new slant in city administration????
on January 28,2014 | 08:01AM
RandolphW wrote:
I didn't come up with the idea. Private sidewalks already exist in Waikiki, and in some other areas of Honolulu as well. As an alternative, the city and county of Honolulu could lease the sidewalks to the private property owners along each of the sidewalks. City administrations are being forced to privatize their operations all over the United States. Right now, the city and county of Honolulu is in the process of selling off their public housing projects. Right now,the city administration has been unable or unwilling to efficiently manage the sidewalks. Hence, the encampment of the Homeless. The new slant is privatization. The alternative is to turn the sidewalks in Waikiki over to the homeless, or any other special groups who choose to occupy them.
on January 28,2014 | 08:16AM
HD36 wrote:
The Federal Reserve has pegged the interest rates at almost zero, allowing cheap money to become leveraged 30x by hedge funds. The bubble is almost ready to pop.
on January 28,2014 | 07:13PM
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