The Ambassador Hotel Waikiki has been sold to Chicago-based private equity group Walton Street Capital LLC for $71.5 million, reports Pacific Business News. The seller of the 298-room hotel was Ambassador Hotel Inc., part of the group that owns the Waikiki Business Plaza.
The purchase includes a total of six parcels that span 67,229 square feet, including the 26,470 square feet Ambassador Hotel property at 2040 Kuhio Avenue in Waikiki.
Walton Street Capital has already made some investments in Hawaii, including its most recent acquisition, the 185,700-square-foot Maui Mall in Kahului, which is anchored by Whole Foods Market, Longs Drugs/CVS, Wallace Theaters and IHOP.
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