Waikiki Gateway Hotel sells
The 200-room Waikiki Gateway Hotel has been purchased by Nomura Financial Ltd., the first overseas subsidiary of Japan-based Zenkoku Hosho Co., which plans to renovate the property.
Ai Hotels Corp. sold the property for an undisclosed price. Principle Hotels & Resorts, an affiliate of Ai Hotels, will continue to manage the property.
The leasehold hotel, located at 2070 Kalakaua Ave., is Zenkoku's first investment outside Japan.
Tadatoshi Asakawa, president of Zenkoku, plans to expand the company's holdings in Hawaii, said Jeannie Fogarty, owner of Fogarty Realty Inc. and a director of Nomura Financial. She represented the buyer in the deal.
The Waikiki Gateway houses Nick's Fishmarket restaurant, an ABC Store, Aloha VIP Tours and other businesses.
Ai Hotels President Hiroki Shuto also owns and operates the Waikiki Sand Villa Hotel.
The Waikiki Gateway was first offered for sale in 1996 with an $11 million asking price.
Shuto's company purchased the leasehold interest in the hotel for $8.5 million in 1987 from hotelier Andre Tatibouet. The lease expires in 2034.
www.waikiki-gateway-hotel.com/
