The Bratton Team is proud to announce that we have successfully sold a major portion of the iconic Ilikai Hotel in Waikiki. The Ilikai Hotel was the first condominium hotel in Waikiki built in the 1960’s and has 1050 hotel rooms. It is located between the Modern Hotel and the Hilton Hawaiian Village. The property was featured in the opening credits for the successful TV show “Hawaii Five-0” and underwent major renovations from 2012 – 2016.
The Seller was a New York based institutional investment firm which listed the property for sale, fee simple in September 2022 that requested a year-end closing. Included in the sale is The Ilikai Shops which were 95% occupied at the time of the sale, the Hotel Front Desk, which is managed by Aqua-Aston Hotels and Resorts, and approximately 68,000 square feet of retail space with 28 tenants, the parking garage with 436 parking stalls, and 9 fee simple commercial condominium units. Major tenants include PESCA, an upscale Mediterranean seafood restaurant on the top floor of the hotel and Cinnamon’s restaurant located at the lobby level overlooking the Ala Wai yacht harbor.
The Bratton Team implemented a very specific, targeted marketing campaign to investors that prefer the Hawaiian Islands for commercial real estate investments which resulted in several offers for the Seller to choose from. Included in one of the offers to purchase was a Buyer who presented an all cash offer that the Seller chose to accept with the tumultuous debt market. The new owners plan to continue to make upgrades to the property to elevate it to a Four-Star level.
