A California-based affiliate of a South Korean company has purchased the Polynesian Plaza boutique hotel in Waikiki for about $10.6 million, according to Pacific Business News.
L.A. Koreana Inc., owned by Koreana Hotels & Resorts in Seoul, purchased the leasehold interest in the 56-room 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 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.