Sales start today for 197 “condotel” units at the Islander on the Beach hotel in Waipouli, adjacent to the Coconut Marketplace. The hotel units will be turned into Kaua‘i’s first fee-simple “condotel” (condominium-hotel) units, most of which are studios under
Sales start today for 197 “condotel” units at the Islander on the Beach hotel in Waipouli, adjacent to the Coconut Marketplace.
The hotel units will be turned into Kaua‘i’s first fee-simple “condotel” (condominium-hotel) units, most of which are studios under 400 square feet going for $210,000 to $340,000.
“I think this is the first of its kind on Kaua‘i,” said owner-to-be Brian Anderson. “Instead of one person owning 197 units, 197 people will own their own unit.”
The Islander, along with the six acres on which it sits, is being sold for $40 million to Anderson, who is owner of the nearby Coconut Marketplace and grandson of Hawai‘i businessman and politician Andy Anderson.
Anderson will spend $8 million for renovations such as marble floors and hardwood furniture, then sell 195 studio units for $210,000 to $340,000, and two, one-bedroom units for $570,000 each.
Based on the minimum price, Anderson stands to generate a minimum of just over $42 million, and probably upwards of $50 million.
Contracts and checks will be accepted beginning today, Wednesday, Aug. 18, with 10 percent down today and 15 percent due within 30 days, Anderson said.
Closing will run from December through May.
Financing will be available through First Hawaiian Bank, Central Pacific Bank, Finance Factors and City Bank.
Aston Hotels and Resorts, which manages the Islander on the Beach now, will continue to manage the new condotels, which could be included in Kaua‘i’s hotel-room pool and managed by Aston, according to each owner’s specifications.
In other words, owners could chose to join the pool, rent longer-term, reside in them, or leave them vacant.
Phil Hayworth, business editor, may be reached at 245-3681 (ext. 251) or mailto:phayworth@pulitzer.net.
