A California-based real estate development company has purchased oceanfront land in Hawaii to build a $2 billion Atlantis resort – the first in the US.
Pacific Business News reports that Newage Ko Olina, an affiliate of Kam Sang Company, bought two oceanfront parcels of land at Ko Olina Resort, a vacation and residential community, for approximately $216 million.
The seller was China Oceanwide, which paid more than $424m for the properties in 2015 and 2016.
Kam Sang Company has agreed to develop the Atlantis resort, which has long been planned for a 26.3-acre lagoon-front land parcel situated between Aulani, A Disney Resort & Spa and the Beach Villas at Ko Olina.
First Atlantis resort in US
The other 17.3-acre land parcel will potentially house another hotel brand like Regent, Mandarin Oriental, St. Regis, Waldorf Astoria and Fairmont.
Jeff Stone, CEO and president of the Resort Group, Ko Olina Resort’s master developer, told Pacific Business News that the timeline for building both hotels at the same time is around five years
Owned by Kerzner International, Atlantis Resorts has a 25-year hotel management agreement for the property, Stone said.
The new Atlantis will have around 500 hotel rooms and 500 vacation-stay units.
“We are highly encouraged by the renewed interest in investing in Hawaii,” Stone said in a statement.
“These projects will generate more quality, well-paying jobs and fuel the economic engine we created with the support of our governor and mayor.
“It is a promising sign of continued economic growth for both the city and the state. The aesthetic already at Ko Olina is the foundation of the future.”
Currently, there are Atlantis resorts – in Dubai, the Bahamas and China. These are home to Aquaventure water parks, with attractions like the Mayan Temple, which has a series of rides and slides, the Lost Chambers aquarium, and the Dolphin Cay encounter.
There have been plans for an Aquaventure water park at the Hawaii resort in the past.
Images courtesy of Kerzner International
