Brickman was introduced to this property in 2001 by a financial institution that had a contract to purchase the note. The financial institution was unwinding its equity real estate business and offered the note to Brickman.

At the time of the acquisition of the debt, the hotel was closed and in severe disrepair. The property was a leasehold interest with an 18-year term. However, the hotel was in an irreplaceable location, and Brickman believed that Hawaii was poised for an upswing in tourism. Brickman also determined there was a demand for a "family" hotel on the island – a position between the 4 and 5 star hotels north of the airport and the "beach" hotels in and around Kona. Additionally, the lessor had political incentive to open the hotel. Brickman believed this incentive would result in a lease extension.

Located on the cliffs of Hawaii immediately south of the village of Kona, the property contains 521 rooms and 65,000 square feet of indoor and outdoor meeting space, a wedding chapel, a 14,000 square foot pool, a fitness center, spa, and 12,800 square feet of retail.

Brickman negotiated a consensual foreclosure with the Japanese owner of the property and took title within six months. Shortly thereafter, Brickman was able to negotiate an extension of the ground lease as well as 10 years of free rent. Brickman also brought Starwood on as the hotel franchisor.

The $70 million renovation was completed in nine months. It consisted of a complete renovation of the lobby and porte cochere, installation of a destination pool and a 200-foot slide, full rooms package, and complete renovation of common area. The property opened in early 2005.