Photo courtesy of Hawaii Tourism Authority
The Waikiki Trade Center will be turned into a 230-room boutique hotel, according to the center's owner, per Pacific Business News.
The owner, San Francisco's Coastwood Capital Group, will be working with The Chartres Lodging Group LLC to renovate the 22-story, 248,000-square-foot mixed-use building. According to the report, the upscale hotel, tentatively being called "Waikiki Trade Center Hotel," could become a Hyatt Centric-branded property, targeting business travelers primarily. It will include a pool and an entertainment deck.
There will also be retail space at the street and mezzanine levels, replacing the former nightclub space at the mezzanine level. Nordstrom Rack will reportedly be one of the retailers that will open at the center in the spring of 2016.
The renovation is estimated to cost roughly $61 million and be finished by Fall 2016, according to Kokua Hospitality, the management arm of Chartres Lodging.
Hyatt Centric, launched earlier this year by Hyatt Hotel Corp., is a full-service lifestyle brand created for multigenerational "modern explorers," according to Hyatt. Signature features include: The Corner, where guests can work, socialize and check out local books and magazines; a locally inspired bar and restaurant area; and modern technology. The brand is designed to cater to both business and leisure travelers.
According to PBN, the Waikiki Trade Center, currently being used as on office building, is aiming to alleviate a loss of more than 5,000 hotel rooms in the area since 2000.
Coastwood Capital Group said it is working on both short-term and long-term plans for existing tenants during the transition.
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