Sold: Ocean Resort Hotel Waikiki

Another Waikiki hotel will be getting a facelift: The Ocean Resort Hotel Waikiki, a 451-room property located on the Diamond Head side of Waikiki at the intersection of Paoakalani and Kuhio Avenues, was acquired last week for an undisclosed sum by Chartres Lodging Group, a San Francisco-based hotel investment and advisory firm.

The purchase was a joint venture between Chartres, which is responsible for a $5-billion, 15,600-room portfolio of upscale hotels in locations as diverse as Chicago and Tokyo, and a fund managed by Morgan Stanley Real Estate Investing. Kokua Hospitality, a management company affiliated with Chartres, will oversee property operations, taking over for Castle Resorts & Hotels.

Chartres plans to spend the next 18 months overhauling the property, with renovations of the hotel lobby and 19-story Pali Tower beginning in summer 2011. When the Pali Tower reopens in Nov. 2011, the adjoining 14-story Diamond Tower will then be shuttered, with renovations expected to go through April of the following year. The complete redesign will encompass the hotel’s public areas, guestrooms and pool deck.