ResortQuest flagship off market

ResortQuest flagship off market

There are 27 comments on the Honolulu Star-Bulletin story from Jul 9, 2008, titled ResortQuest flagship off market. In it, Honolulu Star-Bulletin reports that:

The mainland owners of ResortQuest 's flagship Waikiki hotel have pulled the property off the market in the wake of an economic slowdown affecting most major deals in Hawaii.

Join the discussion below, or Read more at Honolulu Star-Bulletin.

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glenn paul

Johnson City, NY

#1 Jul 9, 2008
stayed there twice. too bad it is closing. however...13 years ago when we were returning the hotel was so expensive we could not stay there. we stayed at the maile skycourt hotel on kuhio ave for one-half the price...and loved the skycourt. 10 minute walk to the beach. maybe I am stuck in the past but if hotels and other things in hawaii continualy keep raising prices to out-landish amounts..they are pricing their bread and butter people...my wife and I...off the market. It does not take a genious to figure that out. there are only so many wealthy people willing to come to the hawaiian islands with so many other georgeous places to visit in the world. tourist, check out the maile skycourt on Kuhio Ave in Waikiki. It is not luxury, but it is clean and a nice place to stay...and you can buy your airfare and hotel in a package deal,,Mahalo and Aloha from the beautiful finger lakes region of central NY
Bill

United States

#2 Jul 9, 2008
Are you watching, Hawaii? This is how the real estate market is going, tighter lending controls means less buyers are able to close on the properties than before, watch for further drops in housing costs, whether commercial or residential, the wave is coming. Buy what you can afford, not what you want to own.
glenn paul

Johnson City, NY

#3 Jul 9, 2008
Bill wrote:
Are you watching, Hawaii? This is how the real estate market is going, tighter lending controls means less buyers are able to close on the properties than before, watch for further drops in housing costs, whether commercial or residential, the wave is coming. Buy what you can afford, not what you want to own.
i guess you are partialy right. a lot of hotels put millions in up-grades to attract more people but at the same time, they have to re-coupe their investment, which means higher room prices and that is exactly what I was saying in the above. they have priced their bread and butter customers out of their hotels and it is a never ending cycle. keep rasing prices because less people are staying at our hotel. it is a vicious cycle that ends with closings of hotels and businesses.
glenn paul

Johnson City, NY

#4 Jul 9, 2008
I neglected to mention one thing in the above reply. EVERY HOTEL IN WAIKIKI CANNOT BE A LUXURY HOTEL. WHERE ARE THE AVERAGE TOURIST GOING TO STAY. waikiki has the moana surfrider, royal hawaiian, hilton hawaiian village and a couple others.waikiki must keep hotels affordable for the bread and butter tourist. mahalo and aloha
No Math Genius

Sammamish, WA

#5 Jul 9, 2008
Read the article, which only conveys a glimpse of the current hotel market...

It's not the sellers.

It's not the buyers.

It's not the price.

It's not even the operational profit levels (which admittedly are off in 2008).

It is the inability to borrow sufficient money to finance the deal.

Mainland lending institutions are in the midst of a credit crunch brought about by a variety of factors; none of them Hawaii-related.

But it makes them scared to lend the large sums for a major hotel purchase so far away.

Once the credit sector stabilizes, hotel transaction activity will again quickly recover.
ccc

Saskatoon, Canada

#6 Jul 9, 2008
glenn paul wrote:
stayed there twice. too bad it is closing. however...13 years ago when we were returning the hotel was so expensive we could not stay there. we stayed at the maile skycourt hotel on kuhio ave for one-half the price...and loved the skycourt. 10 minute walk to the beach. maybe I am stuck in the past but if hotels and other things in hawaii continualy keep raising prices to out-landish amounts..they are pricing their bread and butter people...my wife and I...off the market. It does not take a genious to figure that out. there are only so many wealthy people willing to come to the hawaiian islands with so many other georgeous places to visit in the world. tourist, check out the maile skycourt on Kuhio Ave in Waikiki. It is not luxury, but it is clean and a nice place to stay...and you can buy your airfare and hotel in a package deal,,Mahalo and Aloha from the beautiful finger lakes region of central NY
No where in this article do I read the words "closing"
It was pulled off the market "for sale"
I am sure if you wanted to stay their again, they would accomodate you, we shoukld really understand the article before we post...don't ya think.
glenn paul

Johnson City, NY

#7 Jul 9, 2008
I agree with you, however does that not come back to my orginal thought, the hotels were to greedy orginally, they made their prices so high thinking the tourist will pay any price to come here. now they realize they were wrong. their hotels are so far overpriced, no one will finance them. I believe , just 3 or 4 years ago,the waikiki beach hotel spent 63 million dollars or 54 million dollars in up-grades. and the 2 times my wife and I stayed there, we had no complaints. my orginal thoughts, and I could be very wrong...I AM SPEAKING FROM OUR TOURIST THOUGHTS, tourist just want a nice, clean hotel room. we are gone most of the day. if the waikiki beach hotels buyers cannot secure financing.. I would suggest, the price is too much. mahalo and aloha
Grant

Honolulu, HI

#8 Jul 9, 2008
glenn paul wrote:
I neglected to mention one thing in the above reply. EVERY HOTEL IN WAIKIKI CANNOT BE A LUXURY HOTEL. WHERE ARE THE AVERAGE TOURIST GOING TO STAY.
The average tourist is not going to be able to afford to come to Hawaii. With increases in food and energy prices, not to mention the reduction in available airline seats to Hawaii, tourism is in a decline; Not a slump, a decline that will level off somewhere below our visitor numbers now.
Whatever

Honolulu, HI

#9 Jul 9, 2008
Glen

Stop drinking and get some sleep. The article points out that the route cause of the hotel being pulled from the market is the absence of financing, not "greed" on the part of the hoteliers. The financing question has everything to do with the credit crunch.
glenn paul

Johnson City, NY

#10 Jul 9, 2008
Whatever wrote:
Glen
Stop drinking and get some sleep. The article points out that the route cause of the hotel being pulled from the market is the absence of financing, not "greed" on the part of the hoteliers. The financing question has everything to do with the credit crunch.
aloha. I do not drink. however and have never made more that 38000 gross per year. have been to hawaii 4 times and to 5 islands 4 times. and europe. this all comes back to my orginal thought...the hotel is way overpriced. the days of I can get whatever I asked for are GONE...GONE...and we have met some wonderful people in hawaii. everything in moderation is ok. mahalo and aloha.
halemalu

Mililani, HI

#11 Jul 9, 2008
Grant wrote:
<quoted text>
The average tourist is not going to be able to afford to come to Hawaii. With increases in food and energy prices, not to mention the reduction in available airline seats to Hawaii, tourism is in a decline; Not a slump, a decline that will level off somewhere below our visitor numbers now.
i think (unless airfares will really go through the roof) hotels will offer attractive package deals to lure folks to come. add to this the gowing visitor market from europe and china. these hotels will not allow themselves to have too many rooms sit empty.
there is a growing need for budget accommodations, but as travelers seek out b&bs, rooms in private homes, cottages, hostels and campsites, the counties want to eliminate those. how dare the "little guy" tries to get a small slice of the pie! undoubtfully the big hotel chains are instrumental in the push for their elimination. but if this means that budget travelers will stop coming alltogether, other businesses, small operators of small services and goods in the outerlying areas will close and the neighborhoods fall into disrepair. it's a sensitive balance.
moloka'i is now experiencing a crisis where changes have to be made to accommodate visitors and make it permitted to open rooms or else we will lose the few opportunities for livelihoods.
Aurite

Honolulu, HI

#12 Jul 9, 2008
Listen, I have worked in the visitor industry for many years now and the situation is downright bleak. We have not seen this drastic downturn since 9/11 and with the economy continuing to turn sour, visitors will not be coming in the numbers Hawaii is used to.

To deal with this, contrary to what Glenn Paul is thinking, hotels/tour operators/attractions/etc have been discounting rates like there's no tomorrow because you know what...there might not be.

No offense to the Mainland US visitors, but Hawaii needs to focus on other markets that are rising - CHINA, CANADA and EUROPE. Quit banking on the West Coast travelers because that's not happening. California has the WORST foreclosure ratio in the nation...do you honestly think people are going to travel when they won't have a home to come back to?
Blah Blah the Moke

Portland, OR

#13 Jul 9, 2008
Fasifomaya!
Dakar

Wailuku, HI

#14 Jul 9, 2008
Unfortunately, the problems in the credit markets extend well beyond sub-prime borrowers. The rapid rise in home values encouraged (even rewarded) buyers of all credit histories for buying beyond their means and selling the property months later for significant profits. This worked as long as prices were sky-rocketing ...

“in all things be pono, aloha”

Since: Aug 07

moloka'I, hawaii

#15 Jul 9, 2008
Aurite wrote:
Listen, I have worked in the visitor industry for many years now and the situation is downright bleak. We have not seen this drastic downturn since 9/11 and with the economy continuing to turn sour, visitors will not be coming in the numbers Hawaii is used to.
To deal with this, contrary to what Glenn Paul is thinking, hotels/tour operators/attractions/etc have been discounting rates like there's no tomorrow because you know what...there might not be.
No offense to the Mainland US visitors, but Hawaii needs to focus on other markets that are rising - CHINA, CANADA and EUROPE. Quit banking on the West Coast travelers because that's not happening. California has the WORST foreclosure ratio in the nation...do you honestly think people are going to travel when they won't have a home to come back to?
k-mart has 10 man tents on sale.

Since: Apr 08

Honolulu, HI

#16 Jul 9, 2008
Commenters who are products of our public schools system clearly can't read. The Hotel is NOT Closing - it's been taken off the market for sale.

Sheesh
willie

Plymouth, MI

#17 Jul 9, 2008
"k-mart has 10 man tents on sale."

Great, where will the women sleep?

Hawaii really needs to look at other means of making money and try to wean itself off the tourist dollars. Aside from the fact it is expensive the tourist industry is consuming the reason people come there, the wonderful beauty of the land and ocean.
ndhwn

Honolulu, HI

#18 Jul 9, 2008
glenn paul wrote:
<quoted text>aloha. I do not drink. however and have never made more that 38000 gross per year. have been to hawaii 4 times and to 5 islands 4 times. and europe. this all comes back to my orginal thought...the hotel is way overpriced. the days of I can get whatever I asked for are GONE...GONE...and we have met some wonderful people in hawaii. everything in moderation is ok. mahalo and aloha.
Did you mean to say hotel*s* or this hotel in general? Of the oceanfront hotels (technically it's across the street), the RQ Waikiki Beach Hotel is one of the more affordable properties (compared to Hyatt and Marriott). Sure, compared to the Maile Skycourt it's expensive, but you get what you pay for at the skycourt...mediocre accommodations.
ndhwn

Honolulu, HI

#19 Jul 9, 2008
didn't mean to say 'in general', I meant to say 'in particular'...
Waikiki Guy

Honolulu, HI

#20 Jul 9, 2008
willie wrote:
Hawaii really needs to look at other means of making money and try to wean itself off the tourist dollars...
Amen to that. Hawaii' imports to exports ration is 10/1. Tourism and military expenditures are the only thing keeping us afloat. The state needs to invest a lot more money in economic diversification. Look at Dubai- today oil represents only 6% of their GDP. They'll be set even when the oil's gone.

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