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urbanguy

Waikiki 'condotel' planned

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The owner of the former Waikiki Parkside hotel closed by mold more than a year ago is planning to sell the property unit by unit to investors after anticipated completion of extensive repair and remodeling in July.

Yuck! Waikiki Parkside

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The 260-room hotel at 1850 Ala Moana across from Kalia Tower has been closed since February 2003 after management firm Aston Hotels & Resorts refused to continue operations out of concern for guests and workers.

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LaeRoc Partners, the Parkside's California-based owner, is working with Coldwell Banker Pacific Properties on the sale effort, and has an agreement in principal for Aqua Hotels & Resorts to manage units for buyers who elect to put their units into a hotel rental program.

Coldwell and Aqua officials confirmed plans for the property, though an executive with LaeRoc, which is embroiled in lawsuits with Aston and the Parkside's former owner, declined comment.

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"It's going to be a beautiful new property once it's completed," said Mike Paulin, managing director of Aqua. "It's a complete rebuild except for the skin."

The repositioning of the Parkside is one of several recent conversions of typically low- to mid-grade Waikiki hotels into so-called "condotels" by owners finding they can sell units individually for significantly more than hotel operators are generally willing to pay.

Ron Watanabe, hospitality adviser for local real estate firm Chaney, Brooks & Co., said unit buyers have been willing to pay more per room than a hotel operator

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^Man there have been so many with in the past year that have been converting over like this and they sell like hot cakes which i think is really cool because more and more people are moving back into Waikiki and living in town instead of out in the burbs adding to traffic!

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