Hotels and Resorts of Halekulani is embarking on a five-year expansion plan that could double its hotel inventory by adding one or two more properties in Hawaii, one in Mexico and another in California under its Hawaii-built brands Halekulani and Halepuna.

Halekulani Corp., a subsidiary of one of Japan’s largest real estate companies, Mitsui Fudosan Co., is well capitalized. It could easily — on its own or with a partner — build new hotels or purchase properties to renovate. It already owns and operates the Halekulani, the Halepuna Waikiki by Halekulani and the Halekulani Okinawa. Together these holdings comprise about 1,000 rooms.

It’s also possible that the company’s expansion could lead to management agreements with other hotel companies that want their properties operated under its Halekulani or Halepuna brands.

“We’re actively looking for selective opportunities, and we’re flexible on the model,” said Halekulani Chief Operating Officer Peter Shaindlin. “Historically, we are owner- operators. That gives us maximized product control.”

But Shaindlin said that the company has been approached over the years by a number of developers, financial institutions, property owners and real estate investment trusts. If Halekulani partners with another hotel company, Shaindlin said the emphasis will be on quality over scale.

“We are privately held, so we aren’t concerned about scale as a primary criteria. It’s not about quantity. It’s about quality. We are growing a very precious brand,” he said.

To be sure, the Halekulani brand has a storied history in Hawaii, where a Halekulani Hotel has been operating on Waikiki Beach since 1917. Mitsui Fudosan purchased the hotel in 1981. After investing about $125 million to turn the Halekulani into a medium-high-rise, Mitsui Fudosan held a 1984 grand opening to introduce the 458-room property as an international luxury hotel. In 1987 it opened the Waikiki Parc, which is now the Halepuna.

Shaindlin said the company’s newest focus in Hawaii will be to establish a presence on the neighbor islands, most likely Maui and Hawaii island.

Shaindlin said logical expansion choices in California include cities like Los Angeles, Beverly Hills, Santa Monica, Laguna, San Diego and San Francisco, which are already big feeder markets for Halekulani.

“We’ll set our eyes on achieving one California hotel superbly. We don’t have an advance plan of several there, but we are not opposed to it,” Shaindlin said.

In Mexico, Cabo San Lucas and the Riviera Maya are likely to be top contenders for future growth, he said.

Shaindlin said timing will depend on whether the coming growth involves new management contracts or construction.

“If it’s a build or an acquisition, it could take two to four years at least,” he said. “Management contracts can come much quicker.”

Shaindlin said Halekulani Corp. and Mitsui Fudosan Co. have been working on expansion plans for at least six years.

“When we were traveling on business for Halekulani to international locations, people in the industry and guests would ask when we were going to new territory. I’d be walking in New York, Paris or London, and they’d say, ‘Why not take it here?’” he said. “We started with Okinawa, and now we’re ready to add additional locations.”

The company’s emerging growth plan follows the July opening of the Halekulani Okinawa, a 360-room resort on a roughly 420-acre stretch of beach in Onna village, Kunigami district, on the west coast of Okinawa’s main island. On Saturday, rooms there could be booked online starting from about $376.

In recent years an influx of well-heeled visitors from Taiwan, South Korea, mainland China and Hong Kong has created a tourist boom for Okinawa, which some call the “Japanese Hawaii” or the “Japanese tropics.”

“We thought it would give us an excellent periphery position to S.E. Asia. That’s working really well. We’re getting rates that are about 30 to 40% higher than the average daily rate for the area,” Shaindlin said. “Also Okinawa is a rural resort location and we are really an urban resort here. We’re getting people buying packages for here and there.”

The company’s trans-Pacific and interisland push also coincides with the launch of Halepuna, a 284-room, four-suite luxury boutique hotel in Waikiki which opened Oct. 25 following a $60 million renovation of the former Waikiki Parc.

The property is much like the Halekulani, only its guest rooms are much smaller, which allows rates to start lower. The subtle difference means Halepuna is marketed as a 4.5-star property, while Halekulani is 5 stars.

Joseph Toy, president and CEO of Hospitality Advisors LLC, said it’s difficult to transpose a brand like Halekulani that is built on serv­ice, but the introduction of Halepuna, a second-tier brand, will help pave the way.

“They created a brand out of the Halekulani, which is pretty hard to do as a single property. But the property is pretty iconic, and the service delivery is among the best in the world,” Toy said. “I think they’ll be successful with their expansion, especially since marketing a brand comes easier when you have multiple properties.”

On Saturday, rooms in the Halekulani could be booked online starting in the mid-$500s per night, while the Halepuna’s rates began in the mid-$300s. Like the Halekulani, the Halepuna doesn’t charge resort fees. Also, stays there come with access to some of the Halekulani’s luxury amenities and the ability to run tabs for dining and retail purchases across the properties.