Business/In Brief • Nov. 9, 2013

Renovation planned for Waikiki hotel

HONOLULU – A major Waikiki hotel will close Aug. 1 for a redevelopment projected to cost $500 million.

The Sheraton Princess Kaiulani renovation and expansion is expected to be the highest reinvestment ever on a single Waikiki property, and the latest hotel slated for a multimillion dollar fix-up, the Honolulu Star-Advertiser reported.

It tops the announced $400 million redevelopment at International Market Place and a $100 million reinvestment at the Hyatt Regency Waikiki Beach Resort and Spa.

The owner of Sheraton Princess Kaiulani, Kyo-ya Hotels & Resorts LP, has invested another $500 million in three other Waikiki hotels, the Westin Moana Surfrider, the Sheraton Waikiki and the Royal Hawaiian Hotel, since 2007.