Waikiki Beach hotel getting rid of Trump name, to have new management
Massive hotel has been open for nearly 14 years
Bernie Marcus says former President Donald Trump has the power to turn America around on "Kudlow."
The Trump International Hotel Waikiki will get a new name and management.
Owner Irongate said Friday the hotel is taking on the name Wākea Waikiki Beach. The real estate firm arrived at a "mutual" deal with Trump Hotels to do a "significant buyout of the hotel management and license agreements" for the property, leading to the rebranding, according to Trump Hotels.
The move comes nearly 14 years after the 38-story Trump-branded hotel on the Hawaiian island of Oahu first started welcoming guests.
The Trump International Hotel in Waikiki, Hawaii, is seen on Feb. 21, 2022. (Daniel Slim / AFP / Getty Images)
LXR Hotels & Resorts will become the hotel’s new manager, according to Irongate. That brand spans a dozen properties around the world, according to Hilton’s latest quarterly earnings report.
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Last year, CGI Merchant Group took over the lease of the Trump International Hotel in Washington, D.C. That firm turned the building, which transferred hands for a reported $375 million, into a Waldorf Astoria in partnership with Hilton.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HLT | HILTON WORLDWIDE HOLDINGS INC. | 248.46 | -1.43 | -0.57% |
"It has been an honor to work with the team at Irongate and we would like to thank Jason Grosfeld for his dedication and professionalism," said Eric Trump, son of former President Donald Trump and executive vice president of the Trump Organization, in a statement. "We wish them all the best as they bring this property to its next phase."
Irongate CEO Jason Grosfeld said his company is "proud of what we have accomplished together" with Trump Hotels at the Waikiki property and is "looking forward to the next chapter."
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LXR’s management of Wākea Waikiki Beach will start in February of the coming year, Irongate said. The senior vice president of luxury and mix-use development at Hilton said the addition of the hotel "complements our Hawaiian luxury portfolio and ensures we continue to meet the needs of our ever-evolving guests in destinations where they choose to be."
The Trump International Hotel Waikiki will get a new name and management. (Patrick Baz / AFP / File / Getty Images)
On top of the new name and management, the 462-unit hotel will receive significant renovation, according to Irongate. Those will kick off in early 2025.
Through them, places like the lobbies, pool areas, interiors and eateries will see changes, the real estate firm said.
Irongate also indicated that the Waikiki hotel’s existing team would get folded into LXR.
Hawaii remains a popular tourist destination. The state saw 9.2 million people visit via plane or cruise ship last year, with those visitors spending $19.8 billion, according to a report from the Hawaii Tourism Authority.
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