Kamehameha Schools has forged a ground lease agreement with international real estate investment firm Kennedy Wilson to reopen Kona Village Resort in West Hawai‘i. The agreement allows the firm to begin restoring and enhancing the resort that was closed shortly after the March, 2011 tsunami and earthquake in Japan. The property is expected to be fully operational by summer, 2019.
Kennedy Wilson has agreed to maintain a clear focus on retaining the original vision of the 81.4-acre resort, as a low-density iconic destination. The agreement also allows for the rehabilitation of 125 vacation bungalows, the property’s infrastructure, and other operational improvements.
“This agreement is a testament to the commitment and diligence of all parties that will reconnect the resort with the Kona community,” says KS Commercial Real Estate Managing Director Walter Thoemmes.
“Kona Village will provide much-needed jobs for the West Hawaiʻi Region and will perpetuate Native Hawaiian identity through its rich cultural history. We are excited to have a project partner that maintains the vision.”
Dave Eadie, senior vice president at Kennedy Wilson, says that the firm is humbled to become the next steward of the Kona Village Resort.
“We are well aware of the trust that Kamehameha Schools has placed in us in choosing Kennedy Wilson to protect and preserve such a culturally significant resource for the benefit of all Hawai‘i island residents and the thousands of guests around the globe who consider the Kona Village Resort one of the most special places in all the world.
“Kennedy Wilson has been involved in Hawai‘i for over a quarter century and embraces and respects Hawaiian culture and the protection of Hawai‘i’s natural resources. We take great pride in the fact that returning the Kona Village Resort to full service will provide stable jobs for scores of Hawai‘i island residents.”
Prior to its closure in 2011, Kona Village Resorts was in operation for 45 years. Opening its doors in 1965, Kona Village played a significant role in the economic and cultural vibrancy of West Hawai‘i.
Kamehameha Schools’ commercial real estate portfolio includes some of the state’s largest shopping centers, hotels and resorts, as well as office and industrial properties. KS actively manages and develops its real estate in order to enhance value and provide operational revenue to educate Native Hawaiian learners.
Strategic Plan 2020
SP2020 is a five-year strategic plan that will guide Kamehameha Schools from 2015 to 2020. The plan marks a starting point toward KS’ Vision 2040, which envisions success for all Native Hawaiian learners.
This agreement addresses Goal 5 of SP2020 which calls for KS to prudently optimize the strength, breadth, and strategic alignment of our resources with an organization-wide focus.
Kona Village will provide much-needed jobs for the West Hawaiʻi Region and will perpetuate Native Hawaiian identity through its rich cultural history. We are excited to have a project partner that maintains the vision.
Walter Thoemmes, KS Commercial Real Estate Managing Director
Kennedy Wilson has agreed to retain the original vision of the 81.4-acre resort, as a low-density iconic destination.
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