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California developer revives plans to build first U.S. Atlantis resort in West Oʻahu

An image of the Atlantis resort in the Bahamas.
Atlantis Bahamas
Atlantis Paradise Island Bahamas

A California developer bought oceanfront land at Ko Olina Resort this week. The seller was financially troubled China Oceanwide, which acquired the land in 2016 with big plans to build the first Atlantis Resort in the U.S.
 
The two parcels total more than 43 acres and have prime lagoon frontage. The larger of the two is next door to Aulani, Disney’s resort at Ko Olina. It is also the site of the long-planned Atlantis Resort.

Kam Sang Company bought the properties for a total of $216 million. That’s a little more than half the $424 million China Oceanwide paid in 2016.

Jeff Stone is the CEO of The Resort Group, and master developer of Ko Olina Resort. He said that as part of the deal, the buyer has agreed to develop the Atlantis Resort.

Stone also said it will cost about $2 billion to build Atlantis over the next five years and that it will have about 500 hotel rooms and 500 vacation-stay, or condominium, units.

Stone said Kam Sang Company also plans to build a second hotel on the other parcel of land, next to Marriott’s Ko Olina Beach Club.

He said they are looking at luxury hotel brands such as Regent, Mandarin Oriental, St. Regis and more for that hotel.

Janis Magin is the News Editor-in-Chief for Pacific Business News.
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