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International Market Place |
christiki295
Tiki Socialite
Joined: Apr 09, 2003
Posts: 3616
From: LA-2547 mls east Hawaii &5500 Easter Is
|  Posted: 2009-11-30 6:48 pm Permalink
The article states:
the landowner, Queen Emma Land Co., has requested new proposals from developers—not just for the Market Place, but for a 6.48 acre parcel which also includes the Waikiki Town Center (the three stories of shops on the Kuhio Avenue end of the Market Place), plus Perry’s Smorgy and the Food Pantry on Kuhio.
Developers can, at their option, also include the adjacent 352-room Miramar Hotel.
I strongly suspect the hotel will be hte biggest leasehold; and generate the most profit.
However, the hotel market, particularly in Waikiki, may not be so lucrative to support necessary financing:
Hawai'i has more troubled hotel debt per room than any other state, about $23,256 compared with $5,083 in California and $5,345 in Florida, according to a recent Wall Street Journal story based on data from Real Capital Analytics. The story said Hawai'i's distressed debt tied to hotels totals nearly $1.6 billion.
"Right now is an absolutely horrible time to be in the hotel business," said Ben Thypin, senior market analyst for market research firm Real Capital Analytics.
What happens when a hotel loan goes bad? Banks are much less willing to seize them than houses because running a hotel requires know-how. But some hotel owners are just handing back the keys where property values have plummeted.
In most cases, it is investment funds falling behind on payments, not major hotel companies. They generally don't own much property, instead franchising brands and earning a percentage of sales.
Most of the 1,231 U.S. hotels and casinos with troubled financing are remaining open. So, in the short term at least, consumers can expect to see deals on room rates for at least another year. Executives at STR Global, the hotel research firm, expect demand to rise 1.6 percent in 2010, but average rates to drop 3.4 percent.
Not in the 20 years the firm has collected hotel data has supply and demand been so far apart — not even in the early 1990s recession or after Sept. 11, 2001.
Hawai'i properties that have gotten into debt trouble include the Maui Prince Resort, the Fairmont Orchid Hawaii and the venerable Ilikai on O'ahu. The Maui Prince was placed in receivership in September after its monthly operating losses had reached $1 million.
http://www.hawaiimagazine.com/blogs/hawaii_today/2009/6/30/Waikiki_International_Market_Place_Update
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christiki295
Tiki Socialite
Joined: Apr 09, 2003
Posts: 3616
From: LA-2547 mls east Hawaii &5500 Easter Is
| Posted: 2009-11-30 6:50 pm Permalink
In a sentence, there is a huge possiblity that a 352 hotel may not be profitable, so there may not be financing for the development.
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Mongoloid
Tiki Socialite
Joined: Apr 25, 2008
Posts: 555
From: Long Beach
| Posted: 2010-01-28 5:52 pm Permalink
My last night on Oahu i was in the IMP and projected on the wall of the old Don the Beachcombers location which im sorry to report is now Jimmy Buffets Margaritaville were alot of vintage black and white pictures of Don with captions that i had never seen before. These photos were massive taking up the whole side of the building. I only got a chance to take a few pictures before my camera went dead. If someone local gets a chance to go over there and capture some of those images alot of you folks would be stoked. These are the ones i got before my camera went pau.
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Mongoloid
Tiki Socialite
Joined: Apr 25, 2008
Posts: 555
From: Long Beach
| Posted: 2010-04-23 2:37 pm Permalink
Really wish a Waikikian would read this and post some of the pics they were projecting on the side of the old Dons at the IMP. I sat there for about 30 minutes watching an amazing montage of incredible pictures while i held my camera with a dead battery in my hand.
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OnlyATikiLad
Tiki Centralite
Joined: May 06, 2009
Posts: 85
From: Bottom of the barrel
| Posted: 2010-04-23 4:37 pm Permalink
I'll get your shots next month and post them.
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SouthBamaTiki
Tiki Socialite
Joined: Oct 09, 2006
Posts: 138
From: Mobile, Alabama
| Posted: 2010-04-27 09:45 am Permalink
It will be really sad if the International Market Place is destroyed. While there are run-down sections, and it definitely needs some love and attention, it was easily one of my favorite spots when I visited Oahu back in February. I'm glad I got to see it before they get rid of it. There is a lady who sells angel Christmas ornaments there that she makes by hand. She's been vending there for over 20 years. She was a complete delight to talk with, and I came away with something that was made locally with local products by someone who truly loves what she does. Hawaii needs more of that and fewer generic chains. What a shame that so many gems are being destroyed in the name of progress.
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christiki295
Tiki Socialite
Joined: Apr 09, 2003
Posts: 3616
From: LA-2547 mls east Hawaii &5500 Easter Is
| Posted: 2010-04-27 9:37 pm Permalink
I checked the Honolulu Star-Bulletin and didnt see anything recently on the redevelopment plans.
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Mongoloid
Tiki Socialite
Joined: Apr 25, 2008
Posts: 555
From: Long Beach
| Posted: 2010-08-12 6:48 pm Permalink
There seems to be a luau inside of the IMP now. Hopefully the movement to keep a local vibe continues. Its in the heart of Waikiki so they have to somewhat cater to tourists. The luau does seem a little to modernized though. No Hawaiian shirts on the musicians and a flat screen t.v. with song lyrics. It needs a little tweaking and aloha, but its better then a tear down and dull every town strip mall. They can use what they have existing and create an oasis in the heart of the city.
http://www.youtube.com/watch?v=KIbe0d31tBk
[ This Message was edited by: Mongoloid 2010-08-12 18:56 ]
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christiki295
Tiki Socialite
Joined: Apr 09, 2003
Posts: 3616
From: LA-2547 mls east Hawaii &5500 Easter Is
| Posted: 2010-08-13 12:30 am Permalink
Nice post, Mongoloid.
At $95 pp, the Queen Emma Foundation, should be making several thousand dollars profit a night.
More convenient, too!
And, it will draw in business to the IMP vendors.
All good, all the way around.
However, is it enough to hold off destruction of the IMP for another mall with chain stores who can afford high rent?
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christiki295
Tiki Socialite
Joined: Apr 09, 2003
Posts: 3616
From: LA-2547 mls east Hawaii &5500 Easter Is
| Posted: 2010-08-13 12:30 am Permalink
Here is the luau's link:
http://www.returntowaikiki.com
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tikiyaki
Grand Member (5 years) 
Joined: May 18, 2004
Posts: 2676
From: The Exotic Port of REDONDO BEACH, CA
| Posted: 2010-08-13 08:51 am Permalink
Hey,
Not exactly an old school style Luau, but, it's nice to see the IMP still trying to be relevant, instead of planning a mini mall and letting it deteriorate.
_________________
http://www.tikiyakiorchestra.com
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Dustycajun
Tiki Socialite
Joined: Nov 16, 2007
Posts: 3916
From: Santa Barbara, CA
| Posted: 2011-08-29 9:04 pm Permalink
I picked up this matchbook from the Tobacconist Hut that was located in the International Market Place. I always liked the graphics on this one.
I have never seen a photo of this place, I'm thinking that it may have had some Tiki.
DC
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Phillip Roberts
Tiki Socialite
Joined: Sep 09, 2003
Posts: 1486
From: OAHU, Hawaii.
| Posted: 2011-08-29 10:15 pm Permalink
Aloha,
Good one DC. I'd intended to use that matchbook in Waikiki Tiki: Art, History and Photographs, but couldn't find a place for it.
_________________
Waikiki Tiki; Art, History, and Photographs.
Available now from Bess Press Hawaii.
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Kaiwaza
Tiki Socialite
Joined: Aug 06, 2003
Posts: 408
From: Waikiki Beach, Hawaii
| Posted: 2011-08-30 4:35 pm Permalink
BTW..the "luau" had a rather limited run..I think it was in business for about 6 months. It's gone now. In it's place is one of those giant hamster ball in water things.
They also run a farmer's market there on Thursdays, which is nice.
_________________
Paradise is a state of mind.
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christiki295
Tiki Socialite
Joined: Apr 09, 2003
Posts: 3616
From: LA-2547 mls east Hawaii &5500 Easter Is
| Posted: 2011-08-31 08:06 am Permalink
Quote:
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On 2010-08-13 08:51, tikiyaki wrote:
Hey,
Not exactly an old school style Luau, but, it's nice to see the IMP still trying to be relevant, instead of planning a mini mall and letting it deteriorate.
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So sad that its gone.
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