California Investors Acquire Land for $2 Billion Atlantis Resort in Hawaii
A real estate development firm based in California has acquired oceanfront land in Hawaii to construct a $2 billion Atlantis Resort Hawaii – marking the first of its kind in the United States.
According to Pacific Business News, Newage Ko Olina, an affiliate of Kam Sang Company, has purchased two oceanfront parcels at Ko Olina Resort, a popular vacation and residential area, for around $216 million.
The seller, China Oceanwide, had previously acquired the properties for over $424 million in 2015 and 2016.
Kam Sang Company is set to develop the Atlantis Resort Hawaii, which has been in the pipeline for a 26.3-acre lagoon-front land parcel located between Aulani, A Disney Resort & Spa, and the Beach Villas at Ko Olina.
First Atlantis Resort in the US
The additional 17.3-acre land parcel may potentially accommodate another hotel brand, such as Regent, Mandarin Oriental, St. Regis, Waldorf Astoria, or Fairmont.
Jeff Stone, CEO and president of the Resort Group, which is the master developer of Ko Olina Resort, informed Pacific Business News that the timeline for constructing both hotels simultaneously is approximately five years.
Owned by Kerzner International, the Atlantis Resort Hawaii will operate under a 25-year hotel management agreement, as stated by Stone.
The new resort is expected to feature around 500 hotel rooms and 500 vacation-stay units.
“We are highly encouraged by the renewed interest in investing in Hawaii,” Stone remarked in a statement.
“These projects will generate more quality, well-paying jobs and fuel the economic engine we created with the support of our governor and mayor,” he added.
“It is a promising sign of continued economic growth for both the city and the state. The aesthetic already present at Ko Olina is the foundation of the future.”
Currently, there are existing Atlantis Resorts in locations such as Dubai, the Bahamas, and China. These resorts feature Aquaventure water parks, which include attractions like the Mayan Temple, a series of thrilling rides and slides, the Lost Chambers aquarium, and the Dolphin Cay encounter.
Plans for an Aquaventure water park at the Atlantis Resort Hawaii have been discussed in the past.
