Officials with Newport Beach-based hotel investors Clearview Hotel Capital LLC tell the Business Journal they have sold one of their most prominent properties, a nearly 600-room Holiday Inn Express in Waikiki.
The $205 million deal appears to be a home run for the privately held investor, whose executives count ties to Irvine’s Sunstone Hotel Investors.
Clearview paid $76 million in 2015 for the 44-story hotel, then-called Maile Sky Court.
After a $25 million reinvestment project, the hotel in 2017 was rebranded to what it’s known as now. The hotel is said to be the largest Holiday Inn Express in the country by room count and stories.
Features of the hotel include a fifth-floor open-air deck with a pool, whirlpool and fitness center, as well as a nine-hole mini-golf course.
Clearview founder and Chief Executive Jon Kline told the Business Journal this month his firm sold the property to Hong Kong private equity firm Gaw Capital for about $342,000 per room. It was the only Hawaii property still in its portfolio.
Kline, along with a few other members of Clearview’s leadership team, was previously an executive with Sunstone before leaving to start his company in 2007.
Unlike Sunstone, Clearview has been an active buyer—in OC and other markets—of late; earlier this year it paid about $78 million for the 254-room Newport Beach Marriott Bayview. The nine-story property just off Jamboree Road traded for $307,000 per room.
