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Seize the Opportunity to Own in an Iconic Waikiki Hotel

The Ilikai Waikiki hotel sits prominently at the gateway to Waikiki. Designed by architect John Graham Jr. in a “Y” shaped design to maximize the wonderful panoramic views, and built in 1964, the Ilikai was initially a hot spot for many celebrities visiting the island. It was also known for its breathtaking ocean views in the opening credits of the original TV series “Hawaii Five-0” featuring Jack Lord.

Ilikai Waikiki

Views overlooking Ala Wai Yacht Harbor from the 22nd floor

This 30-story landmark resort has quite a colorful history behind it. While the Rich and Famous were noted to frequent the Ilikai, it began to lose its luster as it started aging. In 2006, Brian Anderson, real estate developer and son of Andy Anderson (savvy businessman, restaurateur, and politician), came into the picture. He purchased over 300 units plus commercial space with grandiose plans to rejuvenate the hotel via a multi-million dollar condo conversion project.

However, his timing in the market for this huge undertaking wasn’t right and he experienced financial turmoil. He could not bail himself out, though he did sell off over a third of his holdings. After 2 years of lawsuits and foreclosure filings, Anderson’s properties were foreclosed on, and the new owner was his lender iStar Financial.

What’s Currently Available?

Since then, developer SFI Ilikai Property Owner, a division of iStar, took over the 22nd through 25th floors and gutted the units from top to bottom, as well as the common area hallways. In September 2014, the units came up for sale to the public. These are original developer units for sale, and they are fabulous!

Ocean view

Views overlooking the Duke Kahanamoku Lagoon from the 23rd floor

The 176 fee-simple units boast wonderful views, hard to come by for the price point. They have unbelievable ocean, Diamond Head, harbor, and mountain view options, depending on the unit. Because you’re on a high floor your views clear some of the other hotels such as The Modern Honolulu. All units are completely renovated and come fully furnished with a King-sized bed and even the artwork.

King bed

Turnkey unit includes a King-sized bed

While the majority are studios with 500 square feet of living area, there are some 2-bedroom units (which have 1,000 square ft. interiors) still available. All units have spacious lanais where you can enjoy the views while you dine or have sunset cocktails. They all come with a full kitchen including granite countertops and stainless steel appliances, floor-to-ceiling windows, and split system air conditioning.

Kitchen

Full kitchen includes GE Stainless Steel appliances

The studios start from the mid $400,000s and the 2-bedroom units start at $999,500. Units are selling extremely quickly, and with each Phase released, the price is likely to increase. The property is zoned for daily rentals, so it is very attractive to investors or 2nd homeowners. You can also hire their in-house management company, Aqua, to rent out your unit, possibly with a guaranteed monthly income stream.

The Ilikai has a multitude of amenities, is minutes away from Ala Moana Shopping Center, Ward Village and Theatres, and a plethora of other shopping and dining options. It’s also near the heart of Kaka’ako, which has begun its revitalization, and in the next several years will boast luxury high-rise developments, more retail and commercial businesses, as well as a rail transit station.

Lobby

Ilikai Hotel Lobby

Additional Information

If you would like more information or would like to schedule a private tour, contact me soon.

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