Florida-based Inland American Lodging Group Inc. announced Monday that it has purchased the 645-room Aston Waikiki Beach Hotel for approximately $183 million.

 Marcel Verbaas, president and CEO of Inland American Lodging Advisor Inc., said that the 23-story hotel would provide the company with an opportunity to achieve high occupancy levels and premium RevPAR (revenue per available room) growth. 

“Waikiki comprises the most vibrant lodging market not only on Oahu, but throughout all of the Hawaiian Islands, and Oahu continues to be one of the top performing hotel markets in the nation,” Verbaas said in a written statement. 

Aston Waikiki Beach Hotel will continue to be managed by Aston Hotels & Resorts.