Company Profile: Prince Waikiki

Background

Overview

Prince Waikiki, formerly known as Hawaii Prince Hotel Waikiki, is an upscale, oceanfront hotel located in Honolulu, Hawaii. Established in 1990, the hotel underwent a significant $55.4 million redevelopment completed in 2017, which included a rebranding to Prince Waikiki. The property features 563 oceanfront guest rooms and suites, award-winning dining options, and over 20,000 square feet of flexible indoor and outdoor meeting and event spaces.

Mission and Vision

Prince Waikiki is dedicated to providing exceptional Hawaiian hospitality, offering guests a luxurious and memorable experience. The hotel's mission emphasizes sustainability, community engagement, and the preservation of Hawaiian culture. This commitment is reflected in its eco-friendly practices and partnerships with local organizations.

Industry Significance

As part of Prince Resorts Hawaii, a subsidiary of Seibu Holdings Inc., Prince Waikiki contributes to the company's reputation as a leading luxury hospitality provider in Hawaii. The hotel has been recognized with a Four Diamond rating from AAA and has consistently ranked highly in various travel awards, underscoring its significance in the hospitality industry.

Key Strategic Focus

Core Objectives

• Sustainability: Implementing eco-friendly practices to minimize environmental impact.

• Community Engagement: Partnering with local organizations to support and enrich the community.

• Cultural Preservation: Incorporating Hawaiian heritage into the guest experience.

Areas of Specialization

• Luxury Hospitality: Offering high-end accommodations and services.

• Event Hosting: Providing versatile spaces for meetings, conferences, and weddings.

• Culinary Excellence: Featuring award-winning dining venues.

Key Technologies Utilized

• Revenue Management Systems: Employing advanced tools to optimize pricing and occupancy rates.

• Sustainability Technologies: Utilizing energy-efficient systems and waste reduction technologies.

Primary Markets Targeted

• Leisure Travelers: Tourists seeking luxury accommodations in Hawaii.

• Business Travelers: Professionals attending conferences and meetings.

• Event Planners: Individuals and organizations hosting weddings and corporate events.

Financials and Funding

Funding History

Prince Waikiki is owned by Seibu Holdings Inc., a Japanese conglomerate. The hotel underwent a $55.4 million redevelopment in 2017, funded by its parent company.

Recent Funding Rounds

Specific details regarding recent funding rounds are not publicly disclosed.

Notable Investors

As a subsidiary of Seibu Holdings Inc., Prince Waikiki's primary investor is Seibu Holdings Inc.

Utilization of Capital

The capital has been utilized for extensive renovations, including the rebranding of the hotel, modernization of facilities, and enhancement of guest services.

Pipeline Development

Key Pipeline Candidates

Prince Waikiki continues to focus on enhancing its offerings through:

• Sustainability Initiatives: Implementing additional eco-friendly practices.

• Culinary Partnerships: Collaborating with renowned chefs and restaurants to diversify dining options.

• Event Hosting Capabilities: Expanding and upgrading event spaces to accommodate larger groups.

Stages of Development

These initiatives are in various stages of planning and implementation, with ongoing efforts to integrate them into the hotel's operations.

Target Conditions

The focus is on enhancing guest satisfaction, increasing occupancy rates, and promoting sustainable tourism.

Anticipated Milestones

• Sustainability Goals: Achieving specific environmental certifications.

• Culinary Recognition: Receiving accolades for dining experiences.

• Event Hosting Awards: Earning recognition for exceptional event services.

Technological Platform and Innovation

Proprietary Technologies

Prince Waikiki utilizes proprietary systems for:

• Guest Management: Ensuring personalized and efficient service.

• Sustainability Monitoring: Tracking and optimizing resource usage.

Significant Scientific Methods

• Data Analytics: Analyzing guest preferences and operational data to inform decision-making.

• Sustainability Metrics: Employing scientific methods to measure and reduce environmental impact.

Leadership Team

Key Executives

• Shigeki Yamane: President of Prince Resorts Hawaii, overseeing operations and strategic direction.

• Chuck Abbott: Hotel General Manager, responsible for daily operations and guest services.

Professional Backgrounds

• Shigeki Yamane: Brings extensive experience in hospitality management, leading Prince Resorts Hawaii with a focus on innovation and sustainability.

• Chuck Abbott: Has a background in hotel management, emphasizing guest satisfaction and operational excellence.

Key Contributions

• Shigeki Yamane: Implemented the $55.4 million redevelopment, rebranding the hotel to Prince Waikiki.

• Chuck Abbott: Led the team through the renovation process, ensuring a seamless transition and maintaining high service standards.

Competitor Profile

Market Insights and Dynamics

The Hawaiian luxury hospitality market is competitive, with numerous high-end hotels and resorts vying for both leisure and business travelers. Key trends include a focus on sustainability, cultural experiences, and personalized services.

Competitor Analysis

• The Royal Hawaiian, A Luxury Collection Resort: A historic hotel in Waikiki known for its luxury accommodations and rich history.

• Sheraton Waikiki Beach Resort: A large resort offering extensive amenities and beachfront access.

• Mauna Kea Beach Hotel: An iconic hotel on the Kohala Coast, recognized for its architectural significance and beachfront location.

Strategic Collaborations and Partnerships

Prince Waikiki has established partnerships with:

• Katsumidori Sushi Tokyo: Opened its first overseas location at the hotel's lobby level in December 2016.

• Watabe Wedding Corporation: Developed a high-rise wedding chapel on the 33rd floor, offering panoramic vistas.

• Honolulu Coffee: Opened a café in the hotel's new lobby, providing guests with local coffee experiences.

Operational Insights

Prince Waikiki differentiates itself through:

• Sustainability Initiatives: Implementing eco-friendly practices and achieving Hawaii Green Business Awards.

• Cultural Integration: Incorporating Hawaiian heritage into the guest experience.

• Employee Engagement: Recognized as a top employer, fostering a positive work environment.

Strategic Opportunities and Future Directions

The hotel aims to:

• Expand Sustainability Efforts: Achieve additional environmental certifications.

• Enhance Culinary Offerings: Collaborate with renowned chefs to diversify dining options.

• Grow Event Hosting Capabilities: Upgrade and expand event spaces to accommodate larger groups.

Contact Information

• Official Website: Prince Waikiki

• Social Media: Facebook, Instagram, Twitter