Potential shut down of the Ilikai hotel

[alwysonvac]

This condo hotel is across from the HHV Lagoon Tower

From the Starbulletin - http://www.starbulletin.com/business/20090120_Ilikai_workers_devastated_.html

News that the circa-1960s hotel - immortalized in the television show "Hawaii Five-O" - may close indefinitely after lenders refused to pay for ongoing operations comes as more hotels lay off workers and reduce staff to cope with a severe slowdown in Hawaii tourism.

The New York-based lender filed the foreclosure in August on the residential and retail mortgages held by troubled Big Island developer Brian Anderson and his Anekona companies, whose condominium hotel has been plagued for the last several years by controversy over its redevelopment.

Common areas and guest and service elevators are under the control of the homeowners' association and shouldn't be affected by a hotel closure. Homeowners can continue renting units individually or through another hotel rental pool

The closure of the Y-shaped hotel at the entrance of Waikiki would significantly affect property values for more than 600 homeowners, according to Lyle Hosoda, attorney for the Owners of the Ilikai Apartment Building Inc.

Already unit values have plunged 30 percent to 40 percent from two years ago, according to Realtor Philip McCaffray, who owns a unit there. That's compared to a 10 percent to 15 percent drop in value at other Waikiki properties, he said

 

[alwysonvac]

More info....

From Pacific Business News - http://www.bizjournals.com/pacific/stories/2008/12/15/daily41.html

According to the lawsuit, Anekona Islander and Anekona Retail borrowed $115 million on a residential loan and $26.6 million on a retail loan to buy a large chunk of the Ilikai in July 2006. Anderson and his Anekona companies purchased 343 units, along with the lobby, hotel operations and retail areas at the once-stylish 1960s icon.

The Ilikai has 1,009 units. Of those, 586 are privately owned, about 20 percent by full-time residents, while another 80 rooms are time shares. The remaining 343 rooms, which include the top four floors, were purchased by Anderson’s company, Anekona. Anderson sold about 97 of the condominium units he owned, and has been trying to sell the 200 remaining units.

 

[Talent312]

"... immortalized in the television show 'Hawaii Five-O'..."

IIRC, in the show (1968-1980), this hotel was a hot-bed of illicit activities, housing both crime victims and perpetrators, and featuring assasinations and bombings. "Book him, Danno," Det. Steve McGarrett (Jack Lord). Its about time they closed the place. :-/
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BTW, a movie remake of the show is in the works for later this year, with Tom Cruise holding an option to play Steve McGarrett <shudder>. Source: IMDb

 

[ocdb8r]

Ok, I have to admit that prior to timesharing, the Ilikai was my family's favorite Waikiki hotel. The evening entertainment by the pool and excellent view of HHV fireworks made it an excellent place to stay. I was unaware it had been redeveloped into condo's. I wonder if there's any chance of picking up a unit at a steal?

 

[alwysonvac]

Ok, I have to admit that prior to timesharing, the Ilikai was my family's favorite Waikiki hotel. The evening entertainment by the pool and excellent view of HHV fireworks made it an excellent place to stay. I was unaware it had been redeveloped into condo's. I wonder if there's any chance of picking up a unit at a steal?

I believe the timeshare units belong to Shell Vacation Club - http://www.shellvacationsclub.com/GetResortScreen.event?fac=110

 

[alwysonvac]

"... immortalized in the television show 'Hawaii Five-O'..."

IIRC, in the show (1968-1980), this hotel was a hot-bed of illicit activities, housing both crime victims and perpetrators, and featuring assasinations and bombings. "Book him, Danno," Det. Steve McGarrett (Jack Lord). Its about time they closed the place. :-/

:rofl:

I didn't realize the Ilikai appeared in the show's intro - http://www.youtube.com/watch?v=AepyGm9Me6w

 

[ricoba]

BTW, a movie remake of the show is in the works for later this year, with Tom Cruise holding an option to play Steve McGarrett <shudder>. Source: IMDb

Tom Cruise....YUCK....sorry, but he ain't no Steve McGarett in my book....