Trump Hotels and Irongate have revealed that, after more than a decade of successful operation, they have come to a mutual agreement for a “significant” buyout of the hotel management and license agreements for the 462-residence Trump International Hotel, Waikiki.
“After Irongate and Trump set sales records with over $700 million in residences sold in one day in 2006, we are incredibly proud of our performance at Trump Waikiki since the opening of the iconic tower in November 2009,” said Eric Trump, EVP, The Trump Organization. “We have achieved some of the highest ADRs in Waikiki year after year; have been the only Forbes five-star property on the island of Oahu for eight years; and have been consistently ranked in the top three Waikiki hotels on Tripadvisor. It has been an honor to work with the team at Irongate. and we would like to thank Jason Grosfeld [chairman/CEO, Irongate] for his dedication and professionalism. We wish them all the best as they bring this property to its next phase.”
Grosfeld added, “We would like to thank the Trump Organization, Trump Hotels Group and, especially, the team at Trump Waikiki for their commitment to excellence in the operation of the property. With the support of the Trump team, we have achieved great things in 14 years of operation, commencing with our initial real estate sales offering in 2006, and continuing with Trump Hotels’ stewardship of the hotel program since 2009. We are proud of what we have accomplished together, and we are looking forward to the next chapter.”
