A California-based affiliate of a South Korean company has purchased the Polynesian Plaza boutique hotel in Waikiki on Kalakaua Avenue near the Hard Rock Cafe for about $10.6 million, adding to its Hawaii portfolio of hotels and golf courses, according to Pacific Business News.
L.A. Koreana, which is owned by Koreana Hotels & Resorts in Seoul, purchased the leasehold interest in the 56-unit hotel from Sandpiper Acquisition LLC.
L.A. Koreana, which heads up YHB Hospitality Group, formed YHB Waikiki LLC for the purchase of the hotel at 2131 Kalakaua Ave., next to the Tommy Bahama restaurant and retail project and near the Hard Rock Cafe. It has registered the trade name “Hotel Polynesian” with the state Department of Commerce and Consumer Affairs.
The hotel sits on 14,058-square-feet of leasehold land and includes about 7,500-square-feet of retail space on the ground floor.
Earlier this year, the Polynesian Plaza went on the market with an asking price of $11 million.
The sale includes permits in place to renovate the property, including all guest rooms, lobby and guest arrival areas, as well as the exterior facades and retail areas, according to CBRE Inc. Hawaii, which was marketing the sale of the hotel.
The land under the hotel is owned by Dyer Beachwalk Holdings LLC, Laura E.D. Sorenson Bypass Trust and RGM Trust, according to public records.
L.A. Koreana already owns the Mililani Golf Club in Central Oahu and the Ewa Beach Golf Club in West Oahu.
The firm recently sold its leasehold interest in the Queen Kapiolani Hotel in Waikiki for $51.3 million, as first reported by PBN.
In May, as first reported by PBN, another Korean firm purchased the Fairmont Orchid hotel on the Big Island for about $200 million.