ResortQuest Expands Presence in Hawaii With Two New Management Assignments


Aston Hotels & Resorts Selected to Manage Waikiki Parkside Hotel and Waikoloa Colony Villas

ResortQuest International has expanded its presence in Hawaii with the addition of two new management contracts for its subsidiary, Aston Hotels & Resorts Hawaii.
Aston has been selected by LaeRoc Partners, LLC of Manhattan Beach, Calif., to manage the newly renamed 255-room Aston Waikiki Parkside Hotel on Oahu. Aston has also been chosen by Stanford Carr Development to manage the newest Waikoloa Colony Villas, a 168-unit luxury resort condominium community now under development on the Big Island of Hawaii.
Aston is the largest operator of suites and resort condominiums and hotels in Hawaii and a wholly owned subsidiary of ResortQuest International (NYSE:RZT), the world's leading provider of condominium and vacation home rentals.
ResortQuest Chairman, CEO and President David Levine said the expansion showcases Aston and ResortQuest's commitment to develop more business in Hawaii. Aston Hotels & Resorts Hawaii led by COO and Executive Vice President Kelvin Bloom has demonstrated a special talent for managing properties and making necessary changes that lead to profitability for its owners and investors, Levine said.
Levine, through ResortQuest, wants other companies and mainland investors to follow ResortQuest's lead and increase their presence in Hawaii.
Hawaii Means Business. The state is one of the top tourism draws in the world and it needs support and investment now, Levine said. ResortQuest and Aston are continuing a more than 50-year tradition of promoting and developing tourism in the state.
We are particularly pleased that ResortQuest and Aston has been selected as a result of our previous solid management performances, said Kelvin Bloom, who oversees the Hawaii region for ResortQuest. Our partners were also impressed with ResortQuest's ability to bring national marketing to their projects.
Under the new management agreement, the Aston Waikiki Parkside Hotel will receive an additional $2 million makeover, funded by the owners. The property is being repositioned to appeal to upscale leisure visitors and business travelers.
Kim Benjamin, president of LaeRoc Partners, said, Aston's performance in the renovation and managing of our first Waikiki investment, Aston Aloha Surf Hotel exceeded expectations. Our confidence in that ability outweighed other bids from competing local, regional and national brands and we have no doubt that Aston is the right choice to make our second venture with the Waikiki Parkside successful.
The Aston Waikiki Parkside Hotel is located at 1850 Ala Moana Boulevard in Oahu, only a 10-minute walk from the Hawaii Convention Center and a short walking distance from Waikiki Beach and the Ala Moana Shopping Center.
The Aston Waikiki Parkside Hotel offers 255 guest rooms and suites, sun deck and pool and a fitness center, meeting facilities including a spacious penthouse meeting room accommodating up to 100 guests, and a private floor for corporate travelers. The hotel's rates range from $125-$155 per day, with specials offered for corporate travelers, seniors, groups and military and government travelers.
While the Aston Waikiki Parkside Hotel involves re-branding an existing property, Bloom said, The Waikoloa project gives Aston a chance to market a successful project from the ground up.
The Waikoloa Colony Villas assignment will mark the first time a Hawaii residential developer has incorporated the marketing of luxury vacation rentals prior to the initiation of sales and during the planning stages of a development. The 22-acre community is in the renowned Waikoloa Beach Resort.
In Hawaii, Aston pioneered the operation of individually owned condominiums similar to those of hotel operations, allowing property owners to derive income by using their residential real estate assets as vacation rentals.
Creating a residential community in a resort area provides the best of many worlds for the home owner, said Stanford Carr, president of the development company. We believe that one of the major markets for Waikoloa Colony Villas is second home buyers who may not be living in Waikoloa full time. By teaming with Aston and ResortQuest, we'll be providing the owner with a unique added value — the comforts of home, the service and security of a hotel, and the activity and luxury of a resort community. In addition, Aston goes far beyond the role of property manager because they really know how to make visitors feel welcomed and how to market Hawaii to the rest of the world.
The two new management contracts increase Aston's total management portfolio to 34 properties on the four major Hawaiian Islands. Since 1999, 12 hotel, condominium and townhome management contracts have been assigned to Aston.