Kyo-ya extends lease for land under Royal Hawaiian - Hawaii News Now - KGMB and KHNL

Kyo-ya extends lease for land under Royal Hawaiian

HONOLULU (AP) - Kyo-ya Hotels and Resorts has agreed with landowner Kamehameha Schools to lease 10 acres of land under the Royal Hawaiian Hotel in Waikiki for another 65 years.

The company and trust said Wednesday the new lease will expire in December 2076.

Matson Navigation Co. built the "Pink Palace" in 1927 so passengers on its luxury ocean liners would have a place to stay while they visited Hawaii.

Kyo-ya bought the Royal Hawaiian in 1974. The subsidiary of Japan-based Kokusai Kogyo has spent more than $57 million renovating the iconic hotel over the past five years.

In 2008, the hotel closed for seven months to undergo extensive restoration and renovation.

Copyright 2012 The Associated Press. All rights reserved.

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