The Queen Liliuokalani Trust has sold the land beneath the Alohilani Resort Waikiki Beach for $195 million to Safehold Inc., a real estate investment trust affiliated with iStar Financial.
It’s the first Hawaii investment for Safehold (NYSE: SAFE), a REIT that specializes in ground leases and whose largest shareholder, as well as founder and manager, is iStar Financial (NYSE: STAR).
The acquisition includes the 2.5-acre parcel at 2490 Kalakaua Ave., but does not include the leasehold hotel, whose…
