HOTEL DEVELOPMENT OPPORTUNITY $9.0 MILLION 21,381 SQUARE FEET NAI CBI is pleased to offer for sale the fee simple interest of the parcel located at 1830 Kapiolani Boulevard in , HI (the “Property”).

The Property is strategically located at the ‘Gateway of ’, within walking distance of the Hawaii Convention Center, the , and the future Residences at Mandarin Oriental Honolulu. It falls within the TOD (Transit-Oriented 1830 Kapiolani Blvd Development) Ala Moana Neighborhood , within the Convention Center District. Waikiki

Future

2 Property Overview

The Property is a level lot, prominently situated on the east corner of Kapiolani Boulevard and Kalakaua Avenue, figuratively referred to as the “gateway to Waikiki”. The Property is strategically located within a Transit Oriented Development (“TOD”) zone across the street from the Hawaii Convention Center, a nearby driver for occupancy, ADRs. It is a 12-minute walk to Ala Moana Center, the world’s largest open-air mall with 340 shops and over 2.4 million SF of retail space. At $1,400 Sales per SF, it consistently ranks among the Top 10 of U.S. shopping centers. The Property is a 10-minute Uber ride to the heart of Waikiki, known for its world-famous beaches, dining, and nightlife.

TMK: 1-2-3-32-6 Land Area: 21,381 SF Dimensions: 110‘ W x 238 ‘ D 3 N ALA MOANA 1830 Kapiolani Boulevard Honolulu, HI, 96826

Ala Moana Beach Park

Waikiki Yacht Club

Hawaii Yacht Club

WAIKIKI

4 Property Overview

Address: 1830 Kapiolani Blvd. Honolulu, HI 96826 TMK: 1-2-3-32-6

Tenure: Fee Simple Land Area*: 21,381 SF Dimensions*: 110‘ W x 238‘ D Zoning: BMX-3B (Business Mixed-Use) TOD Neighborhood: Ala Moana. Convention Center District TOD FAR+: 10.0 / Non-TOD: 3.5 TOD Maximum Height+: 400 FT / Non-TOD: 350 FT Floor Area: 74,833 to 213,810 SF Rooms1: Up to 450 keys and/or 323 residential condo units (unit mix of studio’s, 1-bed’s, 2bed’s & 3’s) Uses: Hotel, Condotel, Residential, Mixed-Use Residential/Commercial, Office, Retail & Self Storage Price: $9MM ($421 PSF.) Traffic Count (Kapiolani / Kalakaua): 53,000 vpd

* As per City & County TMK data + On provision of TOD Community Benefits Possible Design with Minimum 3.5 FAR 1 based on Envelope Study 5 Comparable Sales

Recent Comparable BMX-3B Zoned Sales

Address Sale Date Land Area SF Price Price PSF

1673 & 1659 A 10/11/2018 55,250 $36.5M $661 Kapiolani Blvd. 1400 Kapiolani B 2/22/2017 40,000 $22.5M $511 Blvd. 1362 –1374 C 3/1/2017 45,000 $23M $556 Kapiolani Blvd. 627 - 641 D 10/21/16 49,290 $27M $549 Keeaumoku St.

Average $575

Recent Comparable Resort Zoned Sales

Address Sale Date Land Area SF. Price Price PSF.

1 2500 Kuhio Ave. 08/27/2019 55,757 $78M $1,399

2863 Kalakaua 2 05/31/2016 28,906 $31.7M $1,100 Ave. 2051 Kakakaua 3 08/28/2015 28,761 $30.5M $1,060 Ave. Source: http://www.honolulu.gov/tod 4 131 Ka’iulani Ave. 10/12/2012 41,479 $46.1M $1,112

Average $1,171

6 Hawaii Tourism Industry Statistics

OAHU MARKET STATISTICS*: Hotel Occupancy: 84.2% ISLAND OF ADR: $240.76 Honolulu County, HI RevPAR: 202.72 Visitor Arrivals: 5,862M Average Visitor Stay: 7 days Average Visitor Spending: $17.8B Average Air Temperature: 77.6°F Average Water Temperature: 77°F

*Source: DBEDT. https://dbedt.hawaii.gov/

Waikiki 7 Hawaii Tourism Industry Statistics

Source: https://dbedt.hawaii.gov/

8 Transit Oriented Development (TOD)

In conjunction with the Project, the City is planning TOD neighborhoods around future rail transit stations, incentivizing compact, mixed-use development. These include: • Adoption of mixed-use zoning and new land-use regulations to require urban site design, active streetscapes, affordable housing, and usable public space in exchange for higher development densities. Ala Moana TOD Neighborhood • Investment of over $1.5 billion in critical infrastructure to accommodate anticipated growth, including wastewater, water, drainage, and parks. • Coordinating infrastructure planning and new development on publicly owned lands.

Source: http://www.honolulu.gov/rep/site/dpptod/dpptod_docs/TOD_Brochure_web.pdf 9 Transit Oriented Development (TOD)

KAPIOLANI CORRIDOR & CONVENTION CENTER SUB-DISTRICT

One of the district’s primary commercial corridors, Kapiolani Boulevard links Ala Moana with Downtown and Waikiki. Although parts of Kapiolani Boulevard have undergone transition in recent years, the presence of low-intensity commercial establishments Interspersed with high-value, high-intensity buildings suggests considerable redevelopment potential. The expectation is that the corridor: • Continues to be distinct due to its tall buildings • Takes advantage of proximity to the rail station to accentuate the corridor’s prominence • Transforms into a vibrant mixed-use boulevard and retains its characteristic monkeypod trees

CONVENTION CENTER SUB-DISTRICT

This subdistrict is anchored by the Hawaii Convention Center and serves as the gateway between the Ala Moana district and Waikiki. By capitalizing on the presence of the Convention Center, redevelopment of key parcels located at or near the intersection of Kapiolani Boulevard and Kalakaua Avenue can improve the image of the area. This opportunity can be achieved by: • Identifying opportunity sites for high-density, mixed-use development • Supporting the Convention Center by activating the area with complimentary uses, such as hotels Source: http://www.honolulu.gov/tod • Upgrading pedestrian circulation, services, and amenities around the Convention Center 10 Transit Oriented Development (TOD)

Development projects within TOD neighborhoods may be awarded increases to FAR, building height, parking ratios, etc. on the provision of community benefits.

FLOOR AREA RATIOS (FAR) BUILDING HEIGHTS (MAXIMUM)

Source: http://www.honolulu.gov/tod 11 THE GLASSCO TEAM 1712 South King St, Suite 201 Sheldon Glassco (B) Christian Ferrer (S), MA, MMF Honolulu, HI, 96826 Managing Director Director www.cbi-hawaii.com D: 808.441.0531 D: 808.441.0535 https://the-glassco-team.constantcontactsites.com/ [email protected] [email protected]

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