HONOLULU— The partnership that owns the 1,310-room Waikiki Beach Marriott Resort here on the island of Oahu has agreed to sell the property to an affiliate of Whitehall Street Global Real Estate Limited Partnership 2005 for $279 million. CNL Hotels & Resorts, Inc. has a 49% interest in that partnership. CNL will receive a nearly $48-million net gain from the sale after closing and related transaction costs are paid. The sale price will yield a 3.9% cap rate based on the asset’s 2004 net operating income. The price per key is $213,000. The partnership had originally acquired the Marriott from Marriott International, Inc. in 2001 for $130 million.
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