Ilikai Hotel, Retail Shops & Parking Garage
The Ilikai Hotel, Retail Shops and Parking Garage is a mixed-use fee simple property located at the entrance to Waikiki on Ala Moana Boulevard. It includes 1,050 condo-hotel and residential units, commercial retail, a front desk hotel operation, and parking. Having been formally condominiumized through the Condominium Property Regime (CPR) process, the various components, or “CPR units” are each owned individually.
This “Offering” consists of nine CPR units that include:
• Approximately 68,674 square feet of retail shops, including a fine dining restaurant on the top two floors with direct elevator access
• The Ilikai Hotel “Front Desk” and operations secured by a set NNN lease, serving as the reservation conduit for participating condo-hotel units
• 413 revenue-generating parking stalls (436 total)
These CPR units complement one another and as part of this offering provide a buyer with stable income stream and an estimated 2022 Net Operating Income of $3.5M. Retail occupancy is 95%.
This property has several value-add opportunities. A Buyer may choose to restructure the front desk lease to either participate in revenues, change to a buyer’s operation or renegotiate current NNN lease.
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