Alakai Development has received construction financing for a $135 million dual-branded Hyatt Place and Hyatt House Hotel at Ewa Beach in Oahu, Hawaii. The project, within the Hoopili master planned community, will have 240 rooms total. The property will be located next to the University of Hawaii West Oahu campus and a Skyline rail station.
Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo, Amber Coleman and Jim Korinek of CBRE’s Capital Market’s Debt and Structured Finance team secured the financing and joint-venture equity for the Hawaii-based developer.
A bank provided the senior construction loan, while a correspondent life insurance company provided mezzanine financing, bringing the overall construction financing to approximately 72 percent loan to cost. In addition to arranging the construction debt, the CBRE team also sourced the JV equity partner on behalf of the developer to fill the remainder of the capital stack.
Located on 3.4 acres, the 240-key property will have 108 Hyatt Place guestrooms and 132 Hyatt House extended-stay rooms, 19 of which include balconies and 86 kitchenettes. The five-story building will have an outdoor swimming pool and spa, 3,009 square feet of meeting space, a dining room, business center and fitness center.
Construction began in last month and is expected to finish by summer of 2026, according to Alakai Development.