This year has been a year of change for the Ko Olina Resort. Earlier in the year we saw the former JW Marriott Ihilani re-open as the Four Seasons Oahu. Then, an announcement was made that an Atlantis Resort would be built in Ko Olina. At the time, the news release said it’s to be the most expensive resort ever built. Now, it appears the resort is about to embark on its final few, new (beach-front) hotel construction projects. China Oceanwide Holdings Group Ltd just announced Ko Olina New Construction to begin in 2017.
What hasn’t been disclosed is what China Oceanwide will begin construction on, and precisely when. The company purchase two plots of land in Ko Olina this past December, and just last month, purchased a third plot. In total, Oceanwide owns 26-acres of land in the Ko Olina resort.
Oceanwide’s initial purchase included 17 acres of land near the Marriott Ko Olina Beach Club. The company states that this area will be used to build two new luxury resorts, as well as a luxury condo.
This final acquisition by Oceanwide includes this 11 acre piece of land next to Disney’s Aulani. Ironically, this is also the tract of land that was slated for the Atlantis Resort. However, according to the Honolulu Star-Advertiser, Ko Olina’s master developer, Jeff Stone, has stated that Oceanwide is considering using his design concept for the Atlantis Resort. In fact, Stone is incentivizing the use of his Atlantis concept by including a $12 million discount to the land purchase price. Should Oceanwide decide not to use the Atlantis concept, it will have to pay an additional $12 million on top of the $200 million it has agreed to pay for this plot of land. It’s previous Ko Olina land purchase is valued at $280 million.
What brand, if any, the two new luxury resorts will have remains to be seen. And whether or not Oceanwide will build Stone’s envisioned Atlantis Resort also remains to be seen. We don’t even know which plot of land is slated for this first construction project, though that info would narrow down the options. All we know at this point is that a Ko Olina new construction will commence next year, and it will be one of the above properties.
Stay tuned. I’ll provide updates as they become available.