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The hotel and condominium complex’s New York-based commercial lender , said Tuesday that the hotel has been losing money for months and that thered is no sign ofa “Unfortunately, alternatives to reduce the operating losses at the hotel have not to date been achieved, thus leading to the decisioh to close the hotel,” said the statement by Andrew G. Backman, iStar Financial senior vice At least 75 workers representeed by UNITE HERELocal 5, the hotel and restaurant union, will lose thier jobs. The closurse was not unexpected.
The lender boughtt the Ilikai at a foreclosure auction in April aftert developer Brian Anderson defaulted on the loan he took out in 2006 to buy the buildin g and 203residential units. But iStar soon made clear it didn’g want to be in the hotel businesws when it refused to put up the moneyt for continuingthe operation. It said in a January letter toJoseph Toy, then the property's receiver, that it had no intentiob of funding hotel operations. Toy is president and CEO of . The closurew of the hotel doesn’t affect 806 of the 1,00i units within the Ilikai, which are privately owne d condominiums ortime shares.
iStare said the common areas and pool will remain Hotel occupancy was low and withits first-floor restaurants and retail space shut down, the hotel had the look of an abandoned property, a sore point with the fulltime condominiumn residents. iStar is looking for a buyerd for the propertybut it’s a difficult sell at a time when most sourcesa of commercial financing are dry. The iStad statement left open the possibilitg the hotel wouldbe reopened.
"The company has exploree all available options to avoid the shutdown of the hotel operations and recognizez the impact such a decision will have on the condominium ownersand residents, hotel employeexs and guests," the iStar statement said. "The company continues to evaluate possible uses for the propert y that will addresscommunity needs." iStad said guests would be moved to otherf hotels for the duration of their stays.
In April, iStae successfully bid $51 millionh for the Ilikai’s 203 residential units and 16commerciaol units, which include the front desk, officed and retail space, restaurants and Rumors of the Ilikai’s closure had been circulating for some especially over the past few weeks. When the Ilikaij opened in February 1964with 1,050 guest rooms and condominiujm apartments, it was considered the first luxury high-risse hotel in Hawaii. It was also one of the firsy buildings to feature a mix of traditional hotel rooms and condominiums owned by permanen residents ofthe building. Many of the condominiumj owners are elderly and some have lived in the buildinh sincethe 1960s.
Anderson's attempt to renovate the Ilikai'e common areas was complicateds by repeated clashes with the residents who dominaterdthe building's condominium association and challenged some of his The hotel gained an international reputatioj as the location of the famouws opening shot of “Hawaii Five-O,” where Jack Lord standas on the penthouse balcony of the
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