The Ritz-Carlton Residences Coming to Waikiki
PACREP LLC Selects the Gold Standard in Hospitality to Manage Its Ritz-Carlton Residences at Luxury Row
HONOLULU – PACREP LLC announced today that it is developing Waikiki’s newest luxury condominium property, The Ritz-Carlton Residences, Waikiki Beach. The Residences will be branded and managed by The Ritz-Carlton Hotel, L.L.C. and will be located at the gateway to Waikiki Beach adjacent to Luxury Row at 2100 Kalakaua Avenue, whose retailers include Tiffany & Co., Chanel, Yves St Laurent and Gucci. PACREP LLC is managed by Jason Grosfeld, who is also the managing principal of Irongate.
The luxury tower will have condominiums ranging from 400 to over 3,000 square feet. Amenities will include resort pools, a spa, a fitness center, owners’ lounge and storage, café and restaurant, as well as a soon-to-be-announced gourmet food market and world-renowned sushi chef. The project will be the first new luxury condominium property to be built in Waikiki since 2009.
“We are thrilled to be bringing the world’s best hotel and residences brand to Waikiki,” said Jason Grosfeld. “The Residences will further secure Waikiki’s position as a world-class destination providing full- and part-time residents, as well as visitors, with all the legendary services and amenities they have come to expect of The Ritz-Carlton brand.”
The Residences will offer residence owners and guests unprecedented access to the luxuries and services that have long been perfected by The Ritz-Carlton. A full complement of Ritz-Carlton ladies and gentlemen will staff the property, anticipating residence owners’ and guests’ every need and delivering exceptional service.
“We look forward to working with Mr. Grosfeld and his team as they enter the Waikiki market with their exciting new property,” said Tim Grisius, Ritz-Carlton Senior Vice President, “and we also look forward to introducing our company’s legendary hospitality to an iconic location such as Waikiki.”
“Tourism is the engine that drives Hawaii’s economy and Waikiki represents more cylinders in that engine than any other place in the state,” said Rick Egged, president of the Waikiki Improvement Association. “To have a new luxury property of this stature rising in Waikiki at this time is a very positive sign for tourism and lodging in the Islands.”
The elegant high-rise has been designed by New York-based Guerin Glass Architects. The real estate will be marketed by S&P Real Estate Corporation.
Public marketing and sales activities are expected to begin in the New Year with construction slated to begin in late 2013 and completion expected in early 2016. For information about real estate opportunities, please contact 808-683-7494.
About PACREP LLC and Jason Grosfeld:
PACREP LLC is a special purpose entity formed to develop and own The Ritz-Carlton Residences, Waikiki Beach. Its managing member is a company owned by Jason Grosfeld, who produced a track record of success in Hawaii, including Trump International Hotel™ Waikiki Beach Walk® and previously The Watermark. With this new project, Mr. Grosfeld hopes to continue to enhance Hawaii with a beautiful and first-class luxury project.
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