Ko Olina (not Marriott) development

[GregT]

All,

A Hat Tip to Slum808 for finding this and forwarding it to me. He's been busy and hasn't been able to visit TUG that frequently, and I hope he returns soon. Interesting to read.

http://www.koolina.com/explore/news/hawaii/479/pageid/479/2-more-hotels-planned-for-ko-olina-hawaii

Best,

Greg

 

[dioxide45]

It looks like perhaps this is the land to the north of Marriott's Ko'Olina Beach Club? Between the Marriott and the Beach Villas at Ko Olina?

Process of elimination from this;

China Oceanwide will bring development of our master plan to 75 percent," Stone said. "We only have two parcels in the resort remaining. There's the marina resort site at Lagoon Four, and then there's the grand Ko Olina site that's next to Disney.

http://www.koolina.com/Portals/1/Files/ko-olina-directory-map-20150508.pdf

 

[Quadmaniac]

It looks like perhaps this is the land to the north of Marriott's Ko'Olina Beach Club? Between the Marriott and the Beach Villas at Ko Olina?

Process of elimination from this;


http://www.koolina.com/Portals/1/Files/ko-olina-directory-map-20150508.pdf

Yep it is.

 

[GregT]

Interesting....Marriott purchased the 30 acre parcel that became Ko Olina for $30M back in 2000...30 acres may be 1.5X to 2X the size of the parcel just purchased.

http://archives.starbulletin.com/2000/02/15/news/story1.html

From 2000: Last month another part of the Marriott organization, Marriott Vacation Club International, bought a 30-acre parcel at the resort for $30 million and announced plans for a 750-villa time-share development worth about $300 million.

Best,

Greg

 

[GregT]

All,

I agree with Jeremy that this is the property immediately north of Marriott Ko Olina. I would speculate that once construction begins on the new property, that would be a major catalyst towards building Building 4 at Marriott Ko Olina. This will create a flood of new, affluent visitors to the adjacent property, which will create great foot traffic for Marriott. A Building 4 could even encompass features that differentiate it from Buildings 1-3 -- perhaps build out more like a Ritz Carlton property than the Marriott VC properties, along with a different points scale and a new Ocean-front view category.

Will be interesting to see how this develops.

Best,

Greg

 

[dioxide45]

Interesting....Marriott purchased the 30 acre parcel that became Ko Olina for $30M back in 2000...30 acres may be 1.5X to 2X the size of the parcel just purchased.

http://archives.starbulletin.com/2000/02/15/news/story1.html



Best,

Greg

It seems that the property just sold is 1 million square feet of land. That puts it at about 23 acres. With the Ko'Olina Beach Club sitting on 30 acres, it puts it at 1.3 x the size of the land just sold for $200 million.

So Marriott bought the land for Ko'Olina for $1 million an acre. The new land sold for $8.7 million an acre. So, it looks like Marriott got a pretty good bargain on the land. Not sure that land prices overall in Hawaii are up 770% in that same time period.

I think that perhaps Marriott got a pretty good deal on the land because the developers at the time needed to get resorts built. The overall resort development was still fairly young, even though it was originally conceived in the 1980s. They wanted to get some anchor resorts in there to attract more businesses to the development.

 

[Beefnot]

This plot is where I had thought Hilton should have acquired and developed. They would have been able to stick to their screwy core strategy of Orlando/Vegas/Oahu while still adding some location variety in the process.

 

[frank808]

Parcel of land next to Aulani still available if anyone is interested.
I think this story beoke last week Thursday in the star advertiser.
Anyone guess who this luxury hotel would be?

 

[dioxide45]

Parcel of land next to Aulani still available if anyone is interested.
I think this story beoke last week Thursday in the star advertiser.
Anyone guess who this luxury hotel would be?

According to this article, they didn't disclose the luxury brands for either tower. So it is pretty much anyone's guess. Will we see a Marriott hotel brand come back to Ko'Olina? Will it be one of Marriott's newly acquired brands at Starwood. Or will it be something completely different like Hyatt or IHG? Perhaps not even a North American based brand?

 

[mjm1]

Greg and Slum808, thanks for sharing this news. It will be interesting to see how the new development affects the vibe at Ko Olina. We knew it would come at some point and adding some high end properties should further enhance the overall area.

We will be staying at MKO in June, so will look forward to hearing more between now and then.

Mike

 

[slum808]

Parcel of land next to Aulani still available if anyone is interested.
I think this story beoke last week Thursday in the star advertiser.
Anyone guess who this luxury hotel would be?

Frank you're correct. The linked article is from the Ko Olina website but it's a copy of the advertiser article. I have very mixed feelings about this development. With MKO Aulani and the open beach at lagoon 4, Ko Olina always had a very family friendly local feel. Not sure how this addition marketed to afluent chieneese will change that. hopefully the two hotels will spread the guest between lagoons 2 and 3. I fear the sale of the lot next to Aulani will overwhelm Lagoon 1. On the plus side it will be nice if they add some new restaurants near mko.

 

[Munro_Murdock]

No doubt that with these announcements, including the recent big one ($2B big) about Atlantis coming to Ko'Olina (http://www.hawaiinewsnow.com/clip/1...s-aquarium-resort-being-finalized-at-ko-olina), between the Beach Villas and Disney, are going to change the dynamic in Ko'Olina!

These were inevitabilities, though no one really knew when it would happen and what would come in. At least we do know something now, even though it may not be much yet.

The number one question I get asked in my day to day work, as I show Ko'Olina property, is "What's going to be built over there?" as the buyers point to the vacant parcels around the resort. No real answers have been available until now. I for one prefer completed luxury resorts over patches of dirt, even though I know that with that comes many more people to the resorts and beaches.

There is a momentum happening in Ko'Olina in 2016, no doubt about it, and I feel as though the resort as a whole has definitely hit it's tipping point and that from here on out we may expect to see more and more announcements pertaining to these projects, and perhaps others around the marina or other resort locations.

These names and the kind of money they are talking about investing, attract the attention of others and bring more and more expansion opportunities to the Ko'Olina Resort to consider as they build out the resort towards completion. Still a lot left to do and so those in the vacation rental business near these building sites will need to prepare for some hard hat specials. I think people will still come to Ko'Olina in droves though, even during construction. It is the most unique resort location on all of Oahu and there is nothing like it out there!