HONOLULU (AP) - Another Waikiki hotel will undergo a massive redevelopment.
The Sheraton Princess Kaiulani will close Aug. 1 for renovations and expansion projected to cost $500 million.
The Honolulu Star-Advertiser reports it's the highest reinvestment ever made in a single Waikiki property.
Kyo-ya Hotels & Resorts LP owns the property. With the latest plans the company will have spent about $1 billion since 2007 upgrading four hotels, including the Westin Moana Surfrider, the Sheraton Waikiki and the Royal Hawaiian Hotel.
Starwood Hotels and Resorts manages the Waikiki hotels. Area managing director Kelly Sanders says the renovations could take three years to finish. Plans have not been completed but call for an existing 260- tower to be redeveloped and the addition of a new tower of not more than 350 feet.