The fee-simple interest in the 426-room Hyatt Place Waikiki Beach has been sold for $138.5 million.

Host Hotels & Resorts Inc. announced the purchase, which involved Chartres Lodging Group LLC and Mortgan Stanley Real Estate Fund VII Global.

Hyatt Place Waikiki will continue to be managed by Kokua Hospitality, subject to a franchise agreement with Hyatt, according to a Host Hotels statement.

The property, at 175 Paoakalani Ave.,  underwent a $45 million renovation before its conversion to Hyatt Place Waikiki Beach from Ocean Resort Hotel Waikiki in 2012.