Japanese Buyers Pay Big for Waikīkī Commercial Land

Commercial owners and tenants in Hawaiʻi should watch how these large purchases affect nearby property values.

Updated on Nov. 6, 2026 in Commercial

Japanese Buyers Pay Big for Waikīkī Commercial Land

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Japanese investors are making several real estate purchases across Hawaiʻi, including a $510 million deal for the land under The Royal Hawaiian in Waikīkī. The buying spree comes as a weak yen has kept many Japanese travelers away from the islands in recent years.

Why it matters

For Hawaiʻi homeowners, renters and small-business owners, the wave of large commercial purchases can shift land values and the mix of properties in Waikīkī and downtown Honolulu. Investors are also looking to buy businesses, especially in manufacturing, in other U.S. markets, a sign that capital is moving beyond tourism-facing property.

Daisho Company paid $510 million for the 10 acres under The Royal Hawaiian, which is owned by Japanese company Kyo-ya Hotels and Resorts. Shoei Global bought the land under the Bank of Hawaii Waikīkī Center for $67 million in addition to the building it acquired in 2013.

The players

Daisho Company

Buyer of the 10 acres under The Royal Hawaiian for $510 million, a sale that rests on the land beneath one of Waikīkī's best-known hotels.

Kyo-ya Hotels and Resorts

Japanese company that owns The Royal Hawaiian, a Waikīkī hotel whose land was sold for $510 million.

Shoei Global

Japanese buyer that purchased the land under the Bank of Hawaii Waikīkī Center for $67 million and now holds the full property in fee simple.

Sal Miwa

President of business brokerage Miwa and Associates, who comments on Japanese investment activity in Hawaiʻi.

The details

Shoei Global now owns the whole Bank of Hawaii Waikīkī Center property in fee simple, meaning it holds both the building and the land beneath it outright. Separately, a Japanese investor paid more than $10 million for a fourth parcel in Waikīkī, and Japanese firm Biosystem Co. bought an apartment building in Makiki for $9 million. Japanese engineering company ESC Pacific bought the Podmore building in downtown Honolulu for just under $3 million.

2013: Shoei Global bought the Bank of Hawaii Waikīkī Center building.
Last spring: A Japanese investor paid over $10 million for a Waikīkī parcel.
Last year: Daisho Company paid $510 million for the land under The Royal Hawaiian.
This year: Shoei Global purchased the land under the Bank of Hawaii Waikīkī Center for $67 million.

The Home Front

The purchases sit against a backdrop in which a weak yen has kept many Japanese travelers away from Hawaiʻi in recent years, though some are returning in a limited way. The deals also point to a shift toward buying businesses, particularly manufacturing firms in other U.S. markets, because Hawaiʻi has relatively few manufacturing businesses.

If you own or rent commercial space in Waikīkī or downtown Honolulu, track how these large purchases affect nearby property values and lease rates over the coming year. Before making any buying, selling or leasing decision, speak with a licensed real estate agent, attorney or lender.

The takeaway

Large Japanese purchases in Waikīkī and Honolulu show that Hawaiʻi commercial property is attracting outside capital even while travel patterns shift. Keep a record of any nearby sales and their prices, and consult a licensed professional before acting on any property decision.