Aston Waikiki
will convert to
luxury condos

The owners of the Aston Waikiki Beachside are planning a $10 million conversion of the Kalakaua Avenue hotel to turn it into luxury condominiums, according to a filing with the city.

RKL Beachside LLC has filed plans with the Department of Planning and Permitting to convert the 12-story structure from 79 hotel rooms to 10 luxury condo suites.

The property is one of many aging Waikiki hotels that are scheduled for conversion, said Andres Albano, vice president of the development group at CB Richard Ellis Hawaii.

With the residential real estate market continuing to boom, the conversion of hotel properties into residential condominiums and rental units seems to be taking off in Waikiki, he said.

The trend, which began when interest rates dropped, is being fueled by strong demand for vacation homes, Albano said.

Many hoteliers who own aging properties have discovered they can make more money refurbishing and selling them as condos.

That's almost certainly true of the Aston Waikiki Beachside, Albano said.

H. Michael Richardson and Robin Richardson bought the aging property for $9.8 million in 2003 from local hotelier Andre Tatibouet, resolving a foreclosure dispute.

Tatibouet renovated the circa-1966 hotel around 1991.