After 45 Years of Business the Ilikai Hotel in Waikiki Closes

July 22, 2009 by  
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After 45 Years of Business the Ilikai Hotel in Waikiki Closes

The 30-story hotel opened in 1964 and claimed that it was Oahu’s first luxury high-rise hotel with sweeping views of the Honolulu skyline and beautiful Waikiki beaches. The Y-shaped hotel gained its fame in the late 60’s when the popular cop show “Hawaii Five-O” filmed there for an opening sequence. Unfortunately, the Ilikai Hotel was forced to close its doors just after midnight on Thursday, July 9, ousting guests from the hotel after employes were given only 24 hours notice to empty out the hotel. Due to increasing operating losses, the hotel was closed by its new owner, iStar Financial Inc., which obtained the hotel for $51 million after the hotel was foreclosed in May. It is still uncertain what the company plans to do with the hotel now the it is closed.

Unfortunately, the Ilikai Hotel isn’t the only hotel that has suffered financially. Due to the current economic recession and rising fuel prices, Hawaii tourism has suffered greatly, with hotel occupancy rates declining rapidly. However, this gives many hotels reason to offer many great discount rates and vacation packages in order to help attract tourists back to Hawaii. With many recent renovations and developments in Waikiki, tourists will still be able to find paradise but with discounted rates.