The Hilo Seaside Hotel and the Kona Seaside Hotel have been listed for sale for $20.8 million and $23 million, respectively.
The 138-room budget hotel in Hilo is for sale and is listed with Nathan Fong and Andy Kazam of Colliers International Hawaii in Honolulu.
Hilo Seaside is the only fee-simple hotel on the east side of Hawaii Island. This means the owner of the property has full and irrevocable ownership of the land and any buildings on that land.
The hotel is located on 2.23 acres of land, with 46,374 square feet of two- and three-story buildings, including an on-site restaurant.
The Colliers International website states that Hilo Seaside’s recent $750,000 renovation provide an investor with limited capital spending if purchased.
The hotel was founded in 1956 and developed by the Kimi family, which still owns and operates it. The family also operates the the Maui Seaside Hotel in Kahului.
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Source: Hawaii Tribune Herald