Here’s how much investors paid for Waikiki’s Hotel Renew

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The Hotel Renew in Waikiki was recently sold for $27.7 million, according to the sales deed obtained by Shimogawa Scoops.

Honolulu’s The MacNaughton Group, which sent out a press release several days ago about its purchase of the 72-room boutique hotel, did not reveal the sales price. 

The purchase price equates to about $384,722 per room, which is lower than what was being paid per key about five years ago. 

At that time, investors paid an average of more than $536,000 per room, according to published research reports. 

This figure was tops in the nation. 
While Waikiki remains a top target for investors alike, this recent purchase does show that the market may be cooling down. 

Hotel Renew, which is located on Paoakalani Avenue, has a nightly room price range starting around $120 to just under $300.

The MacNaughton Group has held an interest or currently holds an interest in several hotels in Hawaii. 

A couple of years ago, it acquired the Lotus Honolulu at Diamond Head hotel that’s located not too far away from Hotel Renew. 

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