The future looks dim for the Ilikai, the Waikiki hotel made famous in the opening credits of the Hawaii Five-O television series. The 1960s landmark flanking Honolulu’s Ala Wai Yacht Harbor may shut down in early February if the owner’s lender stops paying its operating costs.
Part hotel, part residential condominium and part timeshare property, the 1,009-unit Ilikai was once considered a top accommodation in Waikiki, but it has shown signs of aging in recent years. In 2006, developer Brian Anderson and his Anekona Development Group purchased 343 units in the property along with the lobby, hotel operations and retail operations.
In August 2008, New York-based lender iStar Financial filed for foreclosure on Anderson’s portion of the Ilikai. It recently notified court-appointed receiver Joseph Toy that it would stop funding expenses for Anderson’s units on Feb. 8. A court hearing on the matter is scheduled for Feb. 3.