A Japanese financial services group called Financial Products Group Co., Ltd., purchased the Queen Kapiolani Hotel in Waikīkī for an undisclosed sum this week.
Steve Sombrero, president of Cushman & Wakefield ChaneyBrooks, and Kohei Hakamada, senior real estate advisor, represented the buyer.
“Although visitor arrivals from Japan and Asia have not yet recovered to pre-pandemic levels, there is no doubt in our minds that we are about to see an explosive growth in international visitor arrivals to Hawaiʻi in the coming weeks and months. For this reason, the acquisition of the Queen Kapiolani Hotel could not have been timelier,” said the brokers.
Built in 1969, the 315-room resort hotel on Kapahulu Avenue underwent a $35 million renovation between 2017 and 2019.
The sale price was not disclosed, but as Pacific Business News reported in 2015, ProspectHill Group had acquired the leasehold hotel for $51.3 million. The land under the hotel remains with its current owner, CunhaAina LLC, with the hotel as a tenant.
