Tower 1: Completed spring 2016, ~308 units, 1-3BR. Tower 2: Expected completion fall 2018, ~246 units, 1-3BR. Pets: OK (verify).
Amenities (Tower 1): Lap pool, hot tub, fitness, yoga room, spa, business center, conference room, concierge services & more. Amenities (Tower 2): Family pool and other possible amenities (not 100% finalized) include a kids play area, theater and a park. All amenities are for the benefit of owners / tenants in either tower.
Background Originally, Irongate - developer - planned to build just the Ritz-Carlton Waikiki West Tower. However, due to the high level of demand (especially from Japan) Irongate decided to built a 2nd tower (East Tower). This meant these were 2 separate condo projects, with its own independent public reports etc, which the developer later merged to make the 2 towers part of the same one condominium property regime once both towers are completed.
Good to Know About Ritz-Carlton Waikiki This is a luxury condo hotel, which allows for short-term vacation rentals, just like a hotel. Chech-in takes place in the West Tower 8th floor main lobby, which connects directly to the East Tower. The East Tower will have a 2nd floor lobby. Owners in Tower 1 have access to free storage when they aren't staying at their unit. Once Tower 2 is completed there will be a large shared storage room and the owners will have specific restrictions on how much storage they can leave behind while not in Hawaii. All units face ocean, except some some corner units. Both towers will be 350ft tall - 2nd tower slimmer. Flooring: Oak wood. Kitchen: Miele appliances, walnut kitchen cabinetry and marble countertops. Developer: Irongate – also developer of Trump Tower Waikiki. Maintenance Fees: $1.60 / sqf (expected to be closer to $1.5 / sqf once the East Tower is completed). Electricity is a separate charge. Ceiling height: Deluxe & Grand Levels = 8ft 4inches, Premier Levels = 9ft, Penthouse Levels (37-38F) = 19ft living room (for some units). Parking: Located on 3rd to 6th floor. There are no assigned parking stalls for any of the units. However, tenants can rent a stall during their stay and owners can use parking free of charge during their stay.
Amenities 2 swimming pools: 74ft lap pool in the west tower (7th floor) and a family oriented pool in the east tower (8th floor), which will be nearly 3 times as large as the west tower pool. Spa: 8th floor in West Tower, managed by Ritz-Carlton. Fitness / Gym: 6th floor in West Tower - access by elevator or staircase by west tower pool. Kid’s play area: Expected in East Tower. Media Room; Expected in East Tower. Restaurants: Sushi Sho from Tokyo (8th floor West Tower), BLT (8th floor West Tower) and another BLT expected in the East Tower - 8th or 9th floor. Dean & Deluca coffee shop: Located in West Tower ground level. Grocery Store: Expected on ground level in East Tower.
Rental Related Owners are allowed to: a) run as a vacation rental unit (via Ritz’ vacation rental program or one of the vacation rental agencies on Ritz’ preferred vendor list), b) use unit as owner occupant, 3) rent out to long-term tenants (if lease is 1 year or more, owner is allowed to use any 3rd party rental agency).
Studio & 1BR: Almost all units are in the hotel rental program (estimate). 2BR: 70%+ in hotel rental program (estimate). 3BR: 35% in hotel rental program (estimate).
Penthouses at Ritz-Carlton Waikiki Located on the 37F to 38F in 2BR to 4BR configuration with about 2,000sqf to 5,500sqf interior. Most penthouse units have a rooftop wooden deck with Jacuzzi, plunge pool & BBQ. Pricing is roughly in the $7M – $24M range.
Floor Plans, East Tower (Tower 2) Deluxe Level: 10F – 25F, studio to 1BR configurations.
Grand Level: 26F, studio to 2BR configurations.
Grand Level: 28F – 33F, 1BR to 3BR configurations.
Ritz-Carlton Waikiki #1410 1 Bd | 1Ba | 665 sf Sold Date: 2/7/2018
Ritz-Carlton Waikiki #2201 0 Bd | 1Ba | 501 sf Sold Date: 2/7/2018
Ritz-Carlton Waikiki #1516 2 Bd | 2Ba | 1,142 sf Sold Date: 1/31/2018
Ritz-Carlton Waikiki #913 0 Bd | 1Ba | 457 sf Sold Date: 1/25/2018
Ritz-Carlton Waikiki #1014 0 Bd | 1Ba | 420 sf Sold Date: 12/11/2017
Ritz-Carlton Waikiki #2506 0 Bd | 1Ba | 604 sf Sold Date: 11/13/2017
Ritz-Carlton Waikiki #3208 2 Bd | 2Ba | 1,202 sf Sold Date: 10/31/2017
1 Bd | 1Ba | 754 sf Sold Date: 10/13/2017
Ritz-Carlton Waikiki #3502 3 Bd | 3Ba | 1,606 sf Sold Date: 10/11/2017
Ritz-Carlton Waikiki #2808 2 Bd | 2Ba | 1,202 sf Sold Date: 10/10/2017
We exclude Leasehold data from this market analysis because Leasehold properties do not compare with regular Fee Simple properties.
We use median instead of the average because it depicts more accurately a central tendency to the sample size. Example: Take 5 numbers - 3, 5, 7, 9, 21. The median is 7 (the middle number) and the average is 9 (sum of all divided by 5).