Tatibouet sells hotel
for $9.8MThe transaction resolves
a foreclosure dispute
Local hotelier Andre Tatibouet has resolved a foreclosure lawsuit by selling the 79-room Aston Waikiki Beachside Hotel for $9.8 million.
The buyers, H. Michael Richardson, Robin Richardson and their company RKL Beachside LLC, bought the 12-story hotel at 2452 Kalakaua Ave. on Nov. 18, after acquiring the mortgages, records show.
Three mainland lenders, Owens Mortgage Investment Fund of Walnut Creek, Calif., and Las Vegas-based Vestin Mortgage Inc. and Vestin Fund I LLC, filed foreclosure proceedings in June, alleging that Tatibouet defaulted on a $8.4 million loan. The sale of the hotel brings the issue to a close, according to a person familiar with the deal who asked to remain anonymous.
The hotel, built in 1966, was later acquired by Tatibouet, who renovated it around 1991.
Tatibouet founded a hotel company in 1968 and named it Aston Hotels & Resorts in 1986. He sold Aston in 1998 to ResortQuest International Inc. of Memphis, Tenn., and was separated from day-to-day operations of the company in 2000 over an intellectual property dispute.
Aston Hotels & Resorts will continue to manage the Beachside, said Kelvin Bloom, company president.
Tatibouet still owns the 247-room leasehold Aston Coral Reef Hotel on Kuhio Avenue and is attempting to sell the units as condominiums, but that's on hold pending a legal dispute with landowner Queen Emma Foundation.
ResortQuest, Aston's parent company, was sold last month to another Tennessee company, Nashville-based Gaylord Entertainment Co., owner of the Grand Ole Opry musical show.