OAK BROOK, Ill.--(BUSINESS WIRE)--Inland American Lodging Group, Inc. (“Inland American”), a wholly owned subsidiary of Inland American Real Estate Trust, Inc., today announced the purchase of the 645-room Aston Waikiki Beach Hotel in Honolulu, Hawaii, for a purchase price of approximately $183 million.
"We are thrilled to add the Aston Waikiki Beach Hotel to our portfolio,” said Marcel Verbaas, president and CEO of Inland American Lodging Advisor, Inc. “Waikiki comprises the most vibrant lodging market not only on Oahu, but throughout all of the Hawaiian Islands, and Oahu continues to be one of the top performing hotel markets in the nation. With its superior location in this high barrier-to-entry market, this asset provides the opportunity to achieve high occupancy levels and premium RevPAR growth. The addition of this hotel not only further improves our geographic diversification but also exemplifies our strategy of increasing our portfolio RevPAR through acquisitions in markets with outsized growth projections.”
Situated along the highly desirable Waikiki Beach on Kalakaua Avenue, the 23-floor Aston Hotel offers 645 guestrooms, including 42 suites, of which more than 90 percent feature private balconies overlooking the beach. Guests can enjoy 3,300 square feet of indoor and outdoor meeting space, including the 1,288-square-foot Coconut Club, which features panoramic ocean views from its 1,292-square-foot terrace.
The property also features a heated outdoor swimming pool, sun deck and 19,400 square feet of high quality retail space, which is 100 percent leased by restaurants and retailers including Tiki’s Bar & Grill and Wolfgang Puck’s Express.
The hotel will continue to be managed by Aston Hotels & Resorts.
About Inland American Lodging Advisor, Inc.
Inland American Lodging Advisor, Inc., located in Orlando, FL, focuses on acquiring and asset managing a diversified portfolio of lodging properties on behalf of Inland American Real Estate Trust, Inc. Inland American Lodging Advisor, Inc. currently oversees 102 hotels with 19,589 rooms branded under various Marriott, Hilton, Starwood, Hyatt, Fairmont, Kimpton and IHG brands that are managed either by the brand managers or independent third-party management companies. For further information regarding Inland American Lodging Advisor, please refer to the company website at www.inlandamericanlodging.com.
About Inland American Real Estate Trust, Inc.
Inland American Real Estate Trust, Inc. focuses on acquiring and developing a diversified portfolio of commercial real estate located in the United States. The company also invests in joint ventures, development projects, real estate loans and marketable securities. As of December 31, 2013 Inland American owned 277 properties, representing approximately 24 million square feet of retail, industrial and office properties, 8,290 student housing beds and 19,337 hotel rooms. Inland American is one of six REITs that are, or have been, sponsored by affiliates of The Inland Real Estate Group of Companies, Inc. For further information regarding Inland American, please refer to the company website at www.inlandamerican.com.