This past month we saw 2 major announcements with luxury conodel project on both Oahu and Maui.

Trump Tower Waikiki

First off, it was announced that Trump Tower Waikiki would be rebranded as Wakea Waikiki Beach by Irongate, who also developed both Trump Tower and the Ritz Carlton Waikiki. They're planning on a $100 million renovation and the transition is expected to take place in early February of 2024. It will be interesting to see how this affects the inventory in the building because historically ever since it was built, Trump Tower Waikiki has the most inventory, if not the most, it's now 2nd most to Ritz Carlton Waikiki. Both of those projects are carrying a lot of inventory and the reason why it it's really hard for those owners to pencil when renting their place out. Irongate is set up to make all of the money there.

With the new rebranding of Wakea, I don't really envision things changing as far as income goes. It will be interesting to see how it affects the homeowners with that renovation. Just to put things into perspective, as of today there are 54 units for sale in Trump Tower Waikiki and that's out of 469 units total in the building. That's 11.5% of the building's inventory is on the market for sale. Traditionally, for other (condo) projects on Oahu, it's in that 1-3 percentile. The Ritz Carlton is actually higher than Trump right now with 11.7% of available inventory (67 for sale). 

We're going to jump into another exciting announcement that took place over on the Valley Isle of Maui.

Montage Kapalua

Meanwhile, it was announced that Tennessee based KWC Management is acquiring the Montage Kapalua. It hasn't been announced yet if they are going to rebrand or get rid of the Montage name, however KWC was the company that is behind Holiday Inns. In the meantime, the big difference between Montage Kapalua and Trump Tower Waikiki is that the Montage isn't flush with inventory. There's actually only 4 units available there today that range between the low $4 million range up to the high $12 million mark. It's kind of dichotomy there on how things are run and how much inventory is for sale. 

Rebranding and Effect on HOA's

Trump Tower Waikiki and Montage Kapalua

Existing Branding of Trump Tower Waikiki and Montage Kapalua

It'll be interesting to see how the HOA's (Home Owners Associations) are run going forward because it's not too often you see the name of an entire complex change. There's one instance that come to mind. There's a building on the opposite site of Waikiki from Trump currently named Makee Ailana and it used to be called the Scandia. What's different about Trump is it was developed as Trump Tower Waikiki, so it's going to be interesting to see how it affects the HOA and all their documentation. Whether it's just going to be from a marketing standpoint where they change the name or if everything is going to get rebranded. 

Management companies come and go. Some of the names that come to mind in Waikiki are Aqua Hotels, Castle Resorts, sometimes they run the front desks of these condotels. However they come and go. Sometimes, those contracts come up for bid, but in general the names of the buildings don't change. That's what's significant about this Trump Waikiki scenario.

It'll be interesting to see how things play out going forward. If you have any interest in luxury brands, either on Maui or Oahu and looking for a condotel product or something that's just a little more luxury lifestyle to turnkey and you don't want to put it into a hotel pool, we're available for all the above. Mahalo!