Wailua’s historic assets ceased operations in 1992 after suffering damage from Hurricane Iniki. Since then, it has remained closed.
Developer Reef Capital Partners, which took possession of the assets in 2022, said it plans to invest more than $400 million in the demolition, structuring and reclamation of the site, with a modernized version of the complex set to open in 2026.
The effort began with the demolition of dilapidated hotel structures earlier this month.
“We are deeply committed to being responsible stewards of this historic milestone,” Jon Day, chief financial officer of Reef Capital Partners, said in a statement. “As new owners, we look forward to delivering on the promise of removing those structures after decades. “From Beyond is a transparent demonstration of our commitment. “
Reef Capital Partners also said it would participate in “archaeological and cultural monitoring” of the task and that it had hired a cultural advisory committee made up of local Native Hawaiians to “help advise on the recovery of the site. “
The restored hotel will have fewer rooms (from the original property’s 400 rooms to 350 rooms) such as a cultural center, spa, and taro farm. The assignment will also involve the reactivation of several dining venues from the original Coco Palms, adding Lotus, Flame Restaurants and Seashell.
Reef Capital’s redevelopment efforts are decades of failed attempts to revive Coco Palms, adding a 2015 plan to rebuild the assets and reopen them as a Hyatt resort.
First opened in 1953, Coco Palms is known for being the location where the 1961 movie “Blue Hawaii,” starring Elvis Presley, was filmed.