Walton Street acquires Ambassador Hotel Waikiki

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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The additional steps are meant to ensure the long-term success of its owners as COVID-19 restrictions begin to ease and guests return to hotels.

The hotel is located in downtown West Palm Beach, two blocks from the Intracoastal Waterway to the east and the Palm Beach County Convention Center to the west.

Insurance companies believe that COVID-19-related losses should not be included in business interruption coverage, but the issue is far from settled.