Hawaii Commercial Investment Skyrockets

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Commercial real estate investment volumes for the first half of the year in Hawaii jumped 134 percent from a year ago, according to a new report from Colliers International Hawaii. 

Transaction volumes reached $2.2 billion during the first six months, led by hotel sales. 

The amount of transactions valued at more than $1 million increased by 43 percent during the time period with 110 properties sold, according to the Pacific Business News.  

If the current sales activity pace is maintained, the 2013 year-end sales volume would surpass the $4.3 billion recorded in 2005, the report states.

Hotel transactions accounted for almost 80 percent of the total investment sales volume with large transactions including the estimated $774 million sale of the Grand Wailea resort on Maui to a Singapore government investment fund and the Hyatt Regency Waikiki Beach Resort & Spa, which was purchased by Blackstone Group for $450 million. 

Land purchases more than doubled from last year with 22 transactions totaling $124 million during the first six months.