Nov. 7, 2025

Ke Kula ‘o Kamehameha has made the strategic and difficult decision to sell the leased fee landholdings under the Royal Hawaiian Hotel for $510 million. The sale closed this week, on November 6, 2025, with the new fee-simple owner, Daisho Co., a Japan-based company known for long-term retention of its properties. The property will continue to be held and operated under its current long-term ground lease to Kyo-ya Hotels & Resorts, who has successfully operated the property for generations.  

Guided by its Strategic Plan 2030 and the values of E Ola!, Kamehameha manages ʻĀina Pauahi as a dynamic ʻāina portfolio that evolves to meet the needs of the Trust and the Native Hawaiian community. Goal 3 of the plan affirms that “through E Ola! and culturally rooted stewardship, [we will] generate competitive financial returns, while cultivating prosperous ʻohana and communities.” Kamehameha’s kuleana is to make sure Ke Aliʻi Pauahi’s lands serve the mission in ways that are community-strengthening, culturally grounded, and financially sound. 

“We are always emotional when we sell land because all ʻāina is special. We only sell after much deep and agonizing consideration,” said Crystal Rose, Chair of the Board of Trustees of Kamehameha Schools. “Our kuleana is to steward a dynamic portfolio that best serves our trust. At the same time, we know that our lands carry historical significance, especially this one, which our founder and generations of aliʻi before her had nurtured.”  

“In this case, we believe it is best to sell the fee simple at this time. We deeply appreciate the strong relationship we have had with the current operator and lessee, Kyo-ya Hotels & Resorts. They have been amazing stewards of these lands, and we are confident they will continue to do so.  We are also assured that the new lessor understands the significance of this ʻāina and is committed to working with Kyo-ya to make the investments needed to upkeep, honor, and protect this historic, ocean-front property over the long term,” said Jack Wong, CEO of Ke Kula ʻo Kamehameha.  

Legacy of Helumoa 

Recognizing the significance of the wahi pana of Helumoa with its rich mana and history, Kamehameha Schools is not presently considering a sale of its remaining interest in the lands under the neighboring Royal Hawaiian Center, which contains the Royal Grove housing the statue of Ke Aliʻi Pauahi.  

“Our commitment to fulfilling Ke Aliʻi Pauahi’s will, including codicils she penned at Helumoa, remains unwavering,” said CEO Wong. “What is changing is our role as landowner. In the coming months, we will be meeting with our school communities, alumni, and lāhui to discuss and better explain this changing role, including the approaches we need to take today to best protect our Princess’ perpetual legacy of education, regenerated ʻāina, and prosperous ʻohana and communities,” added Wong. 

Carrying the legacy forward 

Daisho Co. is a private, family-owned company based in Japan with hospitality holdings across the Asia-Pacific region. This acquisition marks its first commercial venture in Hawaiʻi. 

Kamehameha worked closely with Daisho Co. to ensure cultural stewardship remains central to this ʻāina’s future. Their commitments include investments in scholarships and cultural programming, and the protection of the historic grove of kumu niu, descendants of plantings from Kākuhihewa’s reign. Moreover, hotel operations will continue seamlessly under the strong stewardship of Kyo-ya Hotels & Resorts, whose long-term lease will be maintained under Daisho Co.  

Dynamic nature of ʻĀina Pauahi 

Ke Aliʻi Pauahi understood that ʻāina is more than land, it is our foundation. Through her Will, her lands have perpetuated her trust, supporting learning, healing, productivity, and hope for nearly 140 years. 

This legacy continues as Kamehameha’s stewardship evolves. In a globally competitive market, Ke Kula ʻo Kamehameha must manage Pauahi’s portfolio with care and strategy, mindful of how best to position our ʻāina to serve the evolving needs of our lāhui, both today and for generations to come. This means sometimes acquiring ʻāina, sometimes restoring it, and at times, when conditions call for change, releasing lands so their value can further the mission in new ways. 

Other recent land sales have created housing opportunities for Department of Hawaiian Home Lands beneficiaries and contributed to the growth of the thriving Kakaʻako community. Meanwhile, recent acquisitions on Maui (Kaupō, Lahaina) and Hawaiʻi Island (Kaʻū, South Kona), totaling approximately 11,000 acres, are advancing education, local food systems, affordable housing, culture preservation, and community resilience. Today, Kamehameha Schools stewards 373,000 acres that nurture our haumāna, our culture and our lāhui.