Sale of select-service hotel in Hawaii closes for $21M
JLL closed the sale of the 122-key Kona Bay Hotel
KAILUA-KONA, Hawaii, Jan. 19, 2022 – JLL announced today that it has closed the $21 million fee simple sale of the Kona Bay Hotel, a 122-key, select-service hotel in Kailua-Kona, Hawaii.
JLL marketed the property on behalf of the seller, a local family. Shapery Enterprises acquired the asset.
Situated on 2.06-acres, Kona Bay Hotel currently features a mix of 122 traditional guestrooms and suites, offering a swimming pool, ocean and village views and provides a tremendous opportunity to renovate and reposition.
Located in the historical Kailua-Kona village on the west side of Hawaii, Kona Bay Hotel is near popular tourist attractions, including Hawaii Volcanoes National Park, Mauna Kea Observatories, Hawaii Tropical Botanical Garden, and the Hilo Farmers Market. Approximately eight miles from the hotel is the Kona International Airport, offering flights from a variety of domestic and international cities.
Tourism makes up nearly 30% of Hawaii’s main economic drivers with the state seeing more than 10 million visitors in 2019, prior to the pandemic. In particular, the Island of Hawaii lodging market saw exceptional growth between 2010 and 2019, outperforming the state, with a CAGR of 8%.
The JLL team representing the seller was led by Eric Kathrein, Geoff Tranchina and Wendell Brooks.
“Kona Bay Hotel is a unique and rare opportunity to own fee simple in the high barrier to entry market of Kailua-Kona,” said Kathrein.
“It is a generational offering that is near and dear to the community, and we are excited to see the vision the buyer has for this property,” added Brooks.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Shapery Enterprises
Shapery Enterprises is an operating company for the various corporations, partnerships and limited liability companies operated thereunder. Shapery Enterprises is, or has been, involved in the ownership, design, and development of high-rise office buildings, high-rise hotels, commercial centers and raw land. Shapery Enterprises is also designing, developing, and implementing technological advances in transportation including vertical take-off aircraft, electric zero emissions conversion and upgrade of existing freight and passenger rail systems, non-rail zero emissions roadway passenger and freight systems and port zero emissions container moving systems with LSM/LIM technology and high-speed magnetic levitation train systems.