IRVINE, Calif., Jan. 14, 2016 — Pacific Hospitality Group (PHG), through its affiliate Poipu Investment Properties, LLC, announces the purchase of Ko'a Kea Hotel & Resort from CTF Ko'a Kea Hotel, LLC. Located on the Hawaiian island of Kauai at Poipu Beach, the oceanfront property is the latest addition to PHG's growing luxury and lifestyle hotel portfolio known as the Meritage Collection. The boutique hotel regularly ranks as having one of the most beautiful beaches in the world and was recently awarded the prestigious #1 resort in Hawaii by Conde Nast Traveler's "Top 25 Resorts in Hawaii: Readers' Choice Awards 2015."
Tim Busch, CEO, Pacific Hospitality Group said: "Ko'a Kea Hotel & Resort is our first Meritage Collection property located outside of California. Similar to our other Collection hotels, the award-winning resort combines iconic, one-of-a-kind destinations with locally-inspired experiences. We are thrilled to become the new stewards of Ko'a Kea and continue the tradition of service excellence which makes this hotel so special for our guests."
Ko'a Kea Hotel & Resort blends beautiful beachfront accommodations with warm, intuitive service. The property features 121 contemporary guest rooms, including nine suites, a fitness center, luxury spa, outdoor pool, and 11,170 sq. ft. of flexible indoor and outdoor meeting space. Red Salt, the hotel's restaurant, serves a diverse menu highlighting the fresh seafood and locally-sourced produce of Hawaii.
Kory Kramer, chief investment officer, Pacific Hospitality Group said: "We are excited to complete the acquisition of Ko'a Kea Hotel & Resort as it fits perfectly with our strategy of investing in high quality luxury assets in high-barrier to entry markets poised for long-term growth. We are honored to expand our portfolio in the 'garden isle of Hawaii' and become an integral part of the Kauai community."
Ko'a Kea Hotel & Resort sits on the original footprint of the Poipu Beach Hotel, which a hurricane severely damaged in 1992. It underwent a massive multi-million dollar reconstruction under the direction of renowned designer Anita Brooks and reopened in 2009. Ko'a Kea's close proximity to island attractions like Waimea Canyon State Park and Na Pali Coast State Park and beachfront location make it the perfect destination for leisure travelers looking to relax or explore the island. Other activities include golf, diving, surfing, boogie boarding, snorkeling, and swimming.
Advisory services on the transaction were provided by Eastdil Secured. Buyer legal counsel was The Busch Firm and Pillsbury Winthrop Shaw Pittman in California, and Alston Hunt Floyd & Ing and The Law Offices of Robert Ueoka in Hawaii. Seller legal counsel was Mayer Brown LLP in Washington DC.
