In a joint announcement today, Trump Hotels and Irongate disclosed a significant buyout agreement for the hotel management and license agreements of Trump International Hotel, Waikiki, concluding over a decade of successful collaboration.
“After Irongate and Trump set sales records with over $700M 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. Since opening, we have achieved some of the highest ADRs in Waikiki year after year, we were the only Forbes “five-star” property on the island of Oahu for 8 years, and were consistently ranked in the top 3 Waikiki hotels on Trip Advisor. It has been an honor to work with the team at Irongate, and we would like to thank Jason Grosfeld for his dedication and professionalism. We wish them all the best as they bring this property to its next phase,” said Eric Trump, Executive Vice President of The Trump Organization.
The 462-residence property, globally acclaimed since its opening in 2009, has been a Forbes Travel Guide five-star hotel for the past 10 consecutive years. It has also received numerous awards for its five-star service, including accolades from Conde Nast Traveler’s World’s Best, Travel + Leisure, AAA, and Trip Advisor. Trump International Hotel, Waikiki, will continue to be under the management of Trump Hotels until February 6, 2024.
“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,” said Jason Grosfeld, Chairman & CEO for Irongate.
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