82-6151 Hawaii Belt Rd Unit 64, CAPTAIN COOK, HI 96704

Property Description

Rare opportunity to buy the Manago Hotel, a fee simple, 64-room unbranded historic hotel with additional commercial space, a home, long-term residential rentals, and Hawaii's oldest restaurant which was the winner of a 2023 James Beard Award. The hotel offers a glimpse into "Old Hawaii," a charm treasured by locals and visitors alike. This property has been established, owned, and operated continuously by the Manago family for over 100 years. The Manago Hotel Restaurant is Hawaii’s oldest restaurant, dating back to 1917. The property is an incredible value-add investment with tremendous upside potential. The current below-market room and commercial rents offer immediate upside, while undeveloped land provides space for desirable new amenities such as a swimming pool or grand lawn. The addition of enhanced food and beverage services and the transformation of an existing bar into a 1920s-themed speakeasy, as well as a modern reservation system, could further increase value. Moreover, the hotel includes additional rooms currently not in use that could be converted into long-term rentals. NOI is proforma. Offering includes two parcels - TMKs: 3-8-2-15-19 & 22.