Commerz Real has invested in a Hawaii hotel for its open-ended hausInvest fund.
The 68,000sqm Pacific Beach hotel, in Honolulu, is currently in the final stages of a $115m redevelopment due for completion later this year.
Dirk Schuldes, divisional head of hospitality at Commerz Real, said: “In view of the continuous warm climate all year round it is possible to use the property as a full-time holiday resort, thus allowing us to benefit in full from the very dynamic development of tourism in Hawaii, a trend that remains intact even in down cycles in the market.”
Once the redevelopment is completed, the property, built in 1969, will be repositioned as Alohilani Resort Waikiki Beach.
Commerz Real said the asset, sold by Highgate, will have 839 suites and rooms.
The fund manager intends to generate a yield of at least 3.5% for 10 years from the hotel.
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