A US$2 billion Atlantis Resort could be headed for the Pacific after a real estate development company purchased two oceanfront parcels at Ko Olina Resort in Kapolei, Hawaii.
The acquisition could fast-track long-delayed plans to develop the Atlantis Resort on one of the properties, according to bizjournals.com.
The Atlantis brand’s extravagant resorts include The Palm, located on the iconic Palm Jumeirah in Dubai.
The Hawaii property, situated between Aulani, A Disney Resort & Spa, and the Beach Villas at Ko Olina, promises world-class amenities that align with Atlantis Resorts’ reputation for luxury.
Atlantis will have about 500 hotel rooms and 500 vacation-stay or condominium units, while the second hotel will have about 250 hotel rooms and 250 vacation units for a total of 1,500 keys.
Alongside the Atlantis Resort, Kam Sang Co. is planning a second hotel on a 17.3-acre (7ha) parcel between the Beach Villas at Ko Olina and Marriott’s Ko Olina Beach Club. This property will feature 250 hotel rooms and 250 vacation-stay units, adding to the area’s luxury offerings.
Newage Ko Olina, an affiliate of Kam Sang Co. Inc., purchased the 43.55 acres fronting two of Ko Olina’s lagoons for a total of about US$216 million from China Oceanwide which had announced a $2 billion mega-resort in the mid-2010s. The ambitious project, however, encountered significant financial and operational hurdles that ultimately led to its abandonment after China Oceanwide faced mounting financial difficulties.
The deal includes a US$177 million purchase price, US$25 million in unpaid real property taxes and association fees, and US$15 million in back fees to The Resort Group, Ko Olina Resort’s master developer.
As part of the purchase, Kam Sang Co. has agreed to develop the Atlantis Resort, which has long been planned for the 26.3-acre lagoon-front parcel.
The company is also looking at other hotel and resort brands such as Regent, Mandarin Oriental, St. Regis, Waldorf Astoria, and Fairmont for a 17.3-acre parcel.
