Gaylord Entertainment Co., the parent company of Aston Hotels & Resorts, has bought the Aston Waikiki Beach Hotel for US$107-million.
Gaylord, the parent company of the Grand Ole Opry and a Mainland resort owner, announced that the deal is subject to due diligence and approval of its board of directors.
The 716-room hotel was put up for sale by its New York-based owner, Leucadia National Corp. Aston has managed the property since July 2001, when Leucadia bought the hotel, then known as Hawaiian Waikiki Beach Hotel, at a bankruptcy auction.
Leucadia completed a US$30-million renovation of the property in 2002, adding new restaurants like Tiki's Bar and Grill.
Gaylord said it bought the property to ensure it could retain the management contract.
"This transaction is central to our strategy of investing modestly in highly prized vacation assets and securing long-term management contracts," said Colin Reed, President and CEO of Gaylord.
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