Aqua Hotels takes over Park Shore in Waikiki
A multimillion dollar overhaul is planned to turn the building into a luxury boutique
Aggressively expanding Aqua Hotels & Resorts
, a Hawaii-based hotel management company, will take over management services at the Park Shore Waikiki Hotel
today and begin readying the property for a multimillion dollar overhaul.
"This is a significant addition and a major contribution to our steady growth in Hawaii's hospitality industry," said Mike Paulin, Aqua's owner and CEO. "The addition of Park Shore Waikiki Hotel increases Aqua's total portfolio in Waikiki to 13 unique properties that provide a range of hospitality experiences for our guests."
The 226-room hotel will continue to be owned by Sasada International LLC, a Hawaii limited liability company, which purchased the property from the Blackstone Group last year. A multimillion dollar renovation, geared to sprucing up the property and implementing cost saving environmental goals, is slated to begin in April with completion set for June 2010.
"Aqua is an excellent fit for management at Park Shore Waikiki Hotel as they have taken a leadership role in converting under performing properties into unique boutique hotels that deliver outstanding guest service," said Geoff Graf, a consultant for Sasada.
Repositioning the hotel to a luxury boutique level had been in the works since Masanori Sasada, chairman of Sasada International, purchased the property.
The hotel, which first opened its doors in 1968, is one of Waikiki's iconic properties.
"The Aqua team is excited about celebrating Park Shore's 40th anniversary this year, and we are equally excited about collaborating with the owners to launch the 'new' Park Shore Waikiki Hotel for its next 40 years as a hospitality icon in Waikiki," said Bill Henderson, Aqua's vice president of development.