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.