Waikiki Hotel
From Wikipedia, the free encyclopedia
The Waikīkī Hotel, currently called the Sheraton Waikīkī Beach Resort, is a major beach resort in Waikīkī on the Hawaiian island of O'ahu. Located at 2255 Kalakaua Avenue in Honolulu, it sits on the legendary Waikīkī Beach. The Waikīkī Hotel is owned by Kyo-Ya Company Limited and operated by Sheraton Hotels and Resorts Hawai'i. The resort is the most modern of the Sheraton brands in Waikīkī. Adjacent is the historic Royal Hawaiian Hotel.
[edit] Hanohano Room
The most famous feature of the Waikīkī Hotel is the Hanohano Room, the loftiest of Waikīkī's restaurants towering above the beach on the thirtieth floor of the hotel tower. Various local entertainment shows are hosted at the Hanohano Room. Most recently, it was the site of televised auditions for the 2004 season of American Idol and where national entertainer Jasmine Trias was discovered.
[edit] Osano Empire
In 1963, Japanese businessmen and brothers Kenji Osano and Masakuni Osano purchased the Moana Hotel and the adjacent Surfrider Hotel from the Matson Navigation Company for USD $10.7 million. The market price for the property was undervalued and the Osano brothers made millions of dollars in profit. In 1969, the Osano brothers tore down and rebuilt the Surfrider Hotel. They merged the two properties which became the Moana Surfrider Hotel as it is known today. The Osano brothers formed Kyo-Ya Company Limited, a subsidiary of Kokusai Kogyo Company Limited as the corporate entity charged with overseeing the hotel properties. By 1974, the Osano brothers would purchase all the Matson Navigation Company properties including: Princess Kaiulani Hotel, Royal Hawaiian Hotel and the Waikīkī Hotel. The purchases put the Osano brothers on the Forbes List of World's Richest People in 1999. After the death of the Osano brothers, Takamasa Osano inherited the billions of dollars owned in properties. The Waikīkī Hotel is used as the corporate office of the Osana Empire. In 2004 Takamasa Osano sold 65% of Kokusai Kogyo to Cerberus Partners LP to cover $4 billion in defaulted loans. He still controls 35% of the company.
