Walton Street Capital has acquired the 298-key budget Ambassador Hotel Waikiki in downtown Honolulu from Ambassador Hotel Inc., according to multiple reports.
The Chicago-based private equity real estate investor paid US$71.5 million for six parcels of a combined 67,229 square feet, including the 26,470-square-foot hotel.
Walton Street Capital has already made some investments in Hawaii, including its most recent acquisition, the 185,700-square-foot Maui Mall in Kahului, which is anchored by Whole Foods Market, Longs Drugs/CVS, Wallace Theaters and IHOP.
