>SAN FRANCISCO–(Hospitality Business News)–The Chartres Lodging Group, LLC ,the San Francisco hotel investment and advisory firm, has completed its purchase of the 451-room Ocean Resort Waikiki in a joint venture with a fund managed by Morgan Stanley Real Estate Investing, and has announced plans for complete renovation, rebranding and repositioning of the property. Kokua Hospitality, an independent management firm affiliated with Chartres Lodging, will take on the management of the hotel.
“Chartres Lodging has been patiently waiting for the right time and circumstances to invest in the Waikiki lodging market and discovered the Ocean Resort to present the ideal opportunity,” said Robert D. Kline, Chartres Lodging president and co-founder. “Waikiki’s market fundamentals have been resurgent. The Ocean Resort is located within a block of the beach and is an ideal value-added investment opportunity.”