Aqua Wave Waikiki being acquired by Rockbridge Capital

Ohio-based Rockbridge Capital is reportedly in contract to acquire the Aqua Wave Waikiki hotel from the current owner, New York-based Ramsfield Hospitality Finance’s CR Wave LLC. The acquisition is expected to close soon, reports Pacific Business News.

Ramsfield Hospitality Finance President Richard Mandel told PBN that the hotel was very well-received by the market, and had a lot of interest from buyers. The hotel was listed by the Los Angeles office of Jones Lang LaSalle.

According to Jones Lang LaSalle’s listing for the Aqua Wave Waikiki, the hotel’s average daily rate rose 21 percent in 2012 and rose another 28 percent year-to-date through March 2013.

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The hotel is managed by Aqua Hospitality and is part of its Aqua Hotels & Resorts collection.

Ramsfield Hospitality Finance took over ownership of the Aqua Wave Waikiki in 2006.

 

 

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However, investors are heading into the new year with caution because performance is expected to dip, according to a JLL report.

The transaction, expected to be consummated in the first half of 2020, is still subject to regulatory approval and other closing conditions.

The China-based conglomerate also acquired the iconic brand's IP assets as part of the £11 million deal, with the brand expected to live on online.