The Diamond Head Club at The Ritz-Carlton Residences Waikiki Beach
Hello, Joel Greene here from Condo Hotel Center.
Back in November of 2006, I began marketing a to-be-built condo hotel named the Trump International Hotel and Tower Waikiki Beach Walk. I was excited to be selling what promised to be an ultra-luxurious property with top-of-the-line amenities. And I had at least a dozen buyers who were interested, ready to plunk down a 10% deposit.
Unfortunately, not a single one of my buyers was able to buy a unit. The reason? The property sold out in a just a few hours!
Celebrities and big-league investors given preferential treatment forked over $700 million to snap up more than 460 condo hotel suites. The sellout forced the cancellation of a planned second day of sales.
In fact, the Trump Waikiki set a record for the largest amount of residential property, both in dollar value and unit volume, sold in one development in a single day. No matter what you think of Donald Trump today, that was an impressive achievement.
Ever since that Trump Waikiki sellout, I’ve been keeping my eyes out for another Waikiki property. They have been non-existent. Until now.
Today’s featured property, however, is not a condo hotel. It’s a private residence club in Waikiki, a form of shared ownership that gives you a certain number of weeks of usage per year and makes owning a second home in Waikiki a little more affordable. Read on for details.
The Diamond Head Club
Located at the top of the five-star Ritz-Carlton Residences Waikiki Beach, the Diamond Head Club will include six penthouse residences on the 37th and 38th floors and the private rooftop lanai.
Owners will have access to all of the resort amenities and services including resort pools fitness center, restaurants, in-residence dining, housekeeping services, valet parking and bell services.
In addition, Diamond Head Club homeowners will have exclusive access to the private rooftop lanai with pool, gardens, private cabanas, BBQ grills and a dedicated club concierge.
Two Shared-Ownership Programs
As a homeowner in The Diamond Head Club, you would own a fee simple interest. You would have the option to choose from one of two shared ownership programs that define how you can use your penthouse or the collection of penthouses.
- Flexible Ownership – This ownership program is designed for those who enjoy the flexibility to visit more often and at different times throughout the year. Flexible Ownership includes a total of four weeks of ownership per year.
- Fixed Ownership – This ownership program is designed for those who like the certainty of knowing exactly when they will use their penthouse every year. It includes two weeks of ownership per year in a specific penthouse residence at one of three specific times; Christmas, Golden Week (May) and Obon (a popular Japanese holiday in August).
Three Distinct PH Units
Choose between three types of Penthouse residences:
- The two bedroom + den collection – 2,100 to 2,700 sq. ft.
- The three bedroom + den collection – 2,829 to 3,120 sq. ft.
- The Diamond Head Penthouse – 4,124 sq. ft., includes 3 bedrooms, family room + den
Pricing for fractional ownership has not been determined yet but is expected to begin at under $1 million.
A Spectacular Location
Hawaii’s third-largest island, Oahu offers an appealing blend of luxury resorts, designer shopping and acclaimed dining alongside cultural experiences, iconic monuments and historical buildings.
The Diamond Head Club is located adjacent to the shops of Luxury Row on Kalakaua Avenue with unobstructed ocean views over Fort DeRussy Park.
The two towers of the Ritz-Carlton were completed in July 2016 and October 2018, respectively.
The Diamond Head Club Penthouse units will undergo a complete renovation and are expected to be completed by the end of 2020.
The developer is Irongate, which specializes in the development of luxury residential and resort communities and has operations in California, Colorado, Hawaii and Mexico. The property will be managed by Ritz-Carlton.
Want to know more? I have plenty more details in my data sheet, yours for the asking below.
Trump vs. Ritz-Carlton
As I mentioned in the beginning, my only prior experience with a Waikiki property was the Trump International condo hotel, and it sold out in a few hours. My guess is that because of the Ritz-Carlton name combined with the extremely limited availability of Waikiki vacation homes, Diamond Head will sell out quickly as well.
My onsite sales contact told me that they have just begun marketing the property, and they are already overwhelmed with interest. For now, they’re only offering the information I’ve summarized in this Property Alert and in my Data Sheet. They’re not accepting reservations/deposits yet.
The fractions will be sold on a first come, first served basis when the property is officially put on the market, expected to occur in the next couple of weeks. If you request my Diamond Head Data Sheet, I’ll know you’re interested and will keep you posted on any updates via email so you’ll have an opportunity to participate if desired.
As for whether, it’s more prestigious to own a Waikiki residence with the name Trump on the marquis or the name Ritz-Carlton, I’m going to take the politically correct route and just say, both have a reputation for quality properties. I’ll leave it at that.
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Although Condo Hotel Center believes the information contained in this Property Alert newsletter to be accurate and complete, Condo Hotel Center can make no such guarantee. All features and descriptions are subject to change. Please speak with your personal legal and financial advisors to determine whether this property is suitable for your objectives.