Hotels delivering big sales in Hawaii

Hawaiian hotels are changing hands for big bucks.

It's aloha to big commercial spending on a small island.

Hawaii notched a 134 percent increase in the volume of real estate investments through the first half of 2013, according to a recent report from Colliers International Hawaii, as cited by World Property Channel.

Led by hotel sales, Hawaii transactions in the commercial sector reached $2.2 billion during the first two quarters of the year. Hotel transactions made up nearly 80 percent of the total investment sales volume, according to World Property Channel. Retail centers, office buildings and vacant land sales were also included in the total.

The sale of Maui's of Grand Wailea resort to a Singapore government investment fund was estimated at $774 million alone. Add in the Blackstone Group's purchase of Hyatt Regency Waikiki Beach Resort & Spa for $450 million, and those two transactions alone are roughly half the first six months of sales volume.

According to the World Property Channel, the amount of seven-figure purchases jumped by 43 percent through the first half of 2013. Land purchases also soared during that time, more than doubling with 22 transactions that totaled more than $124 million.

The report states that if the sales pace could maintain its rate through the end of 2013, the sales volume would exceed the $4.3 billion documented in 2005.

Hawaiian real estate company expanding services
A commercial real estate company based out of Honolulu is expected to start delivering a larger range of services. Hawaii Commercial Real Estate said that it would start to include leasing and industrial sales as part of its business plan, according to a report from Pacific Business News.

Nestor Longboy, an LEED accredited professional, and Kathy Rehg are piloting the firm's new services.

Longboy has experience in construction and property management, while Rehg brings broad experience in commercial real estate leasing. She also has sales experience representing both owners and sellers.

Birthed in 2002, Hawaii Commercial Real Estate recorded $72.4 million in leases and sales transactions in 2012. It is the seventh largest commercial real estate firm in Hawaii, according to Pacific Business News.

Longboy and Rehg recently arranged for the sales of three properties in the Kalihi-Iwilei area: 220 Kalihi St., 1950 Homerule St. and 501 Sumner St. The Kalihi-Iwilei region is a "high demand area," Pacific Business News reported.

Share
Disclaimer: All data and information provided on this site is for informational purposes only. Zoliath.com makes no representations as to accuracy, completeness, correctness, suitability, or validity of any information on this site and will not be liable for any errors, omissions, opinions or delays in this information or any losses, injuries, or damages arising from its display or use. All information is provided on an as-is basis.