HONOLULU, HI— The Waikiki Terrace Hotel here has handily completed the first phase of its new life as a condo-hotel, noting its condominiums were pre-sold in just four weeks. As planned, the 17-story, 242-room full-service hotel is being renovated into 217 upscale studio, one- and two-bedroom units. According to Kevin Showe, vp of National Housing Corp. of Hawaii, a joint-venture partner in the project: “The demand was so immediate we hadn’t even completed the model units.” As he further noted: “We knew it was a great project, but even we were surprised at the excellent response.” Joel Hiser, CEO of Horwath Hospitality Investment Advisors, added: “The Waikiki Terrace’s location overlooking the 66-acre Ft. DeRussy Park made it ideal for condo conversion. The property has spacious ocean, park and mountain views, is located at the gateway to Waikiki on Kalakaua Avenue, and has good beach access through the park.” As Hiser further pointed out: “The fully renovated and refurbished condos are [going for]an average selling price of $490 per square foot.” Horwath Hospitality was retained by Max Holdings, the property’s previous owner and continuing joint-venture partner, to formulate a plan that would free Max Holdings’ substantial equity in the hotel for re-investment in the resurging Asian market. The condominiums will reportedly be ready for occupancy in early summer. To this end, Outrigger Hotels & Resorts had been awarded the management contract when the property closed this past Dec. 29, and that organization is still in line to market the property under its Outrigger Condominium Collection division.
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