Hawaii Hawaii's first Hyatt Centric planned for Waikiki By Shane Nelson / July 15, 2016 Share 1 -- A trio of investment firms has announced plans to open a 230-room Hyatt Centric hotel in a former Waikiki office building this winter. Occupying what was once the Waikiki Trade Center, a high-rise sitting a couple blocks from the ocean, the new Hyatt Centric Waikiki Beach will be the brand's first location in Hawaii and feature "oversized guestrooms and suites" with "spa-like bathrooms," according to a July 14 release issued by CoastWood Capital Group, Chartres Lodging Group and KKR. Rendering of a guestroom at the Hyatt Centric Waikiki Beach. The new hotel will also offer guests an outdoor pool; high-end bar and restaurant; and a 24-hour fitness center. "We're confident that the new Hyatt Centric Waikiki Beach, coupled with its central location near the reimagined International Market Place, will contribute greatly to the revitalization taking place along Kuhio Avenue," Cordell Lietz, the president of CoastWood Capital Group, said in the statement. The hotel will be housed in a building that sits on property owned by the Queen Emma Land Co., a nonprofit that directly supports Honolulu's Queen's Medical Center Hawaii's largest hospital. Along with the Hyatt Centric hotel, the redeveloped site will also house a Nordstrom Rack, Starbucks, Jamba Juice and an American Savings Bank. "The new hotel and adjacent retail will not only deliver a vibrant new addition along Kuhio Avenue, but will also create a sustainable income source to support the Queen's Medical Center and our mission of providing quality health care to Hawaii's people," Eric Martinson, president of the Queen Emma Land Co., said in the statement.The developers said a loss of more than 5,000 hotel rooms in Waikiki since the year 2000 was key motivation for the new strategy at the former Waikiki Trade Center.