posted on November 18, 2010 21:00
Austin-based JMI Realty participated in a joint venture that acquired the 311-room Aston Kauai Beach at Makaiwa Hotel, according to a press release Monday.
The company last month bought the beachfront hotel for an undisclosed amount with Behringer Harvard. The facility is being converted to a Courtyard by Marriott brand hotel and is undergoing a "multimillion dollar" renovation, according to the news release. It will be managed by the Davidson Hotel Co.
The project is JMI's sixth Marriott-branded hotel and first joint venture with Behringer Harvard. The company develops and invests in hotels, multi-family, offices and urban redevelopment, including plans for the 327-room, 16-story Hotel Van Zandt in Austin.
The new The Courtyard by Marriott Kauai at Coconut Beach overlooks the Waipouli Beach on the east side of the island of Kauai, Hawaii. The property includes a ocean-side swimming pool and hot tub, beach access, spa, tennis court, fitness facility, restaurant, 8,300 square feet of meeting space and a business center.
The renovations will take about 18 months and include refinishing the exterior, reconfiguring the pool and updating the landscaping. Public areas, the restaurant, lounge and meeting spaces will be upgraded.
Austin Business Journal, 11/15/10