Hotel Molokai has been sold.
Molokai Hotel Group, LLC acquired the property for an undisclosed price in a sale that closed Aug. 6.
The property was listed by Standard Commercial President Ian Clagstone nearly a year ago with a $4.9 million asking price.
Clagstone told Aloha State Daily in an email Wednesday it's the only true hotel on the island and this has been a "high profile transaction since the last time it sold was nearly 20 years ago."
Up for sale was the majority fee-simple interest in the oceanfront hotel, located at 1300 Kamehameha V Highway in Kaunakakai.
The hotel is part of a condominium association that manages the common areas and exterior structures, according to a listing brochure provided by Clagstone. The offering included 51 of the property's 59 total units — 49 hotel units and two commercial units.
Located on Kamiloloa Beach, Hotel Molokai was built in 1968 and includes "Polynesian-style village with tropical bungalows," an oceanfront pool and onsite restaurant.
In a statement provided to ASD, Clagstone said the seller, Blue Island Property Holdings LLC, "was pleased to find a buyer who understands the hotel’s deep connection to the Molokai community and is committed to being a responsible steward moving forward. Retaining the entire hotel staff, most of whom have been with the property for years, was also a top priority for the seller and a key part of the transition.”
Standard Commercial also has listed for sale the Manago Hotel in Captain Cook for $5.75 million.
The unbranded Hawai‘i Island hotel is more than a century old and is also home to an award-winning restaurant, commercial spaces and residential rentals, the listing notes.
Dating back to 1917, the Manago Hotel Restaurant — touted as Hawai‘i's oldest —received a James Beard Award in 2023.
You can find the full listing here.
Stephanie Salmons can be reached at stephanie@alohastatedaily.com.
