A Chinese investment group has purchased an oceanfront parcel at the Ko Olina Resort on Oahu's west coast, where developers plan to build an Atlantis resort.
In a Sept. 15 statement, the Resort Group, which oversees both the Ko Olina Resort on Oahu as well as the Princeville Resort on Kauai, announced it had completed the land sale with Oceanwide Resort Paradise HI, a subsidiary of China Oceanwide Holdings, and said the land is "positioned for an Atlantis resort."
The 26-acre parcel, which sits near Aulani, a Disney Resort & Spa, sold for $280 million, according to Pacific Business News.
"This project is extremely exciting for the state of Hawaii and will complement the Disney Aulani Resort's younger demographic perfectly," Jeffrey Stone, the Resort Group's founder and master developer of Ko Olina, said in the statement.
Developers are planning an Atlantis property at Ko Olina that will be "similar to Atlantis Dubai," according to the statement, and be an "international destination for millennial travelers."
"The resort will employ 1,800 people and generate hundreds of millions of dollars in city and state revenues," Stone added. "A property of this scope and quality will enhance Oahu's recognition as a luxury destination for years to come, and attract visitors from around the world."
The island's west coast also hosted the grand opening of the Four Seasons Resort Oahu at Ko Olina in June.
Jack Richards, the president and CEO of Pleasant Holidays, agreed that the announcement of the new Atlantis property was positive news for Oahu, noting that his company has partnered with Atlantis Paradise Island Bahamas since 2008 and recently added the Atlantis the Palm Dubai to its portfolio.
"We are excited Atlantis Resorts is expanding to Hawaii with its first oceanfront property in the United States on Oahu in Ko Olina," he told me in an email.
"This is very positive for Aloha State tourism as the development of multibillion-dollar resorts attracts new visitors, gives visitors a reason to return to the state, increases Hawaii's competitiveness, creates new jobs and generates additional tax revenue," he added. "Overall, this new resort project is important to the Hawaii tourism industry."
No word yet from officials about when construction will begin at Ko Olina on the Atlantis project.