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Clearview Hotel Capital LLC and a partner bought the Maile Sky Court tower in Waikiki for $76 million.
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A California-based hotel investment company has acquired a budget Waikiki hotel and plans to renovate and rebrand the tower on Kuhio Avenue.
Clearview Hotel Capital LLC bought the Maile Sky Court tower with a partner for $76 million, according to property records.
The sale, which closed last month, included commercial space and about 360 hotel rooms in the 596-unit tower where other units have long been owned by individuals.
The seller was an affiliate of New York-based hedge fund Och-Ziff Capital Management Group.
Newport Beach, Calif.-based Clearview did not return a call seeking more details earlier this week, but said on its website that it plans to make a “comprehensive” renovation and reposition the hotel as a Holiday Inn Express.
Currently, Maile Sky Court is managed by local hotel operator Aqua Hospitality LLC. Advertised room rates start at $80 a night.
The property was built in 1984 as a mixed-use condominium originally named Maile Court. Units were marketed for sale with envisioned hotel, timeshare and residential use. However, the project’s developer, a local partnership called Esar Ventures, encountered financial difficulties and filed for bankruptcy in 1985. A year later, Outrigger Hotels Hawaii bought the tower and took over management.
In 1989, Tokyo-based Maile Sky Court Co. Ltd. bought the property with a plan to sell condo units in Japan. The next major sale, according to property records, was to the Och-Ziff affiliate, MSC Owner LLC, in 2013 for about $39 million.