Mon November 15, 2010
Austin Company Buys Hotel in Hawaii
Local real estate firm JMI Realty is pitching in to buy a Marriot hotel on the Hawaiian island of Kauai. The Austin Business Journal first reported it today based on a news release issued this morning, although the deal was first announced back in late-October.
JMI Realty is acquiring the 10 acre property in what is its first joint venture with Dallas-based Behringer Harvard. The price was not disclosed.
The news release says the Aston Kauai Beach hotel at Makaiwa recently underwent a multimillion dollar upgrade, and that more renovations are planned for the future. "The hotel will be rebranded as a Courtyard by Marriott hotel and renamed Courtyard by Marriott Kauai at Coconut Beach," Greg Clay, Chief Investment Officer of JMI Realty, said in the release.
By online accounts, the hotel is a decent place to stay. The 275 reviews on TripAdvisor give the hotel an average of four out of five stars. "This hotel has everything you need- restaurant & bar, beach view (no swimming), decent rooms, friendly staff. Our room was slightly musty smelling and the AC was a bit loud, but for the price this hotel was a great stay," Rachel Allison of Woburn, Massachusetts wrote on the site.
Here's a promotional video for the hotel.
Here's a map showing the location of the hotel.