- Associated Press - Thursday, July 14, 2016

HONOLULU (AP) - A group of investors is planning to convert a Waikiki office building into a hotel.

The investors said Thursday the hotel will be in the former Waikiki Trade Center. It will open under the name Hyatt Centric Waikiki Beach this winter. The hotel will have 230 oversized rooms and suites with spa-like bathrooms.

The investors say the transformation is driven by the demand for more hotel rooms in the famed tourist district.

The land under the building is owned by the Queen Emma Land Company, a nonprofit that supports The Queen’s Medical Center and its affiliates. The Queen’s Medical Center is Hawaii’s largest private hospital.

Two San Francisco-based firms, CoastWood Capital Group and The Chartres Lodging Group, are leading the redevelopment along with investment firm KKR of New York City.

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