Behringer Harvard Opportunity REIT II, a publicly registered non-traded real estate investment trust, has agreed to sell the Courtyard Kauai at Coconut Beach, a 311-room hotel located in Kapaa, Hawaii, to an unaffiliated third party for $62 million. The deal is expected to close at the end of the month.
The property, previously named Aston Kauai Beach at Makaiwa, was originally purchased in October 2010 for approximately $38 million by a joint venture partnership between the Behringer REIT and private real estate investment firm JMI Realty. Behringer Harvard Opportunity REIT II owns an 80 percent interest in the property.
The hotel is situated on a 10.4-acre oceanfront site on the eastern side of the island of Kauai, approximately 15 minutes north of Lihue Airport. Amenities including a day spa, a swimming pool and whirlpool spa, a fitness center, restaurant and open-air lounge, tennis courts, a business center, and six meeting rooms totaling nearly 6,200 square feet.
In other REIT news, The DI Wire reported last week that Donna Brandin was named chief financial officer and treasurer of Behringer Harvard Opportunity REIT I and II.
Behringer Harvard Opportunity REIT II went effective in January 2008 and closed in March 2012 after raising $265 million in investor equity. The company’s portfolio is comprised of eight properties with a total investment cost of $229.2 million.