Chartres to take over Waikiki resort
US-based property investment group Chartres Lodging has completed its purchase of the 451-bedroom Ocean Resort in Waikiki, Hawaii, US as part of a joint venture with a fund managed by Morgan Stanley Real Estate Investing.
As part of the deal, the partnership will undertake a complete renovation, rebranding and repositioning of the property.
Kokua Hospitality, an independent management firm affiliated with Chartres Lodging, will take on the management of the hotel.
Robert Kline, president and founder of Chartres Lodging, said: "Chartres Lodging has been patiently waiting for the right time and circumstances to invest in the Waikiki lodging market and discovered the Ocean Resort to present the ideal opportunity.
"Virtually every square inch of the public areas and guestrooms will be refurbished."
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