A joint venture led by Charters Lodging Group has bought the 451-room Ocean Resort Hotel Waikiki, US, for an undisclosed price.

The San Francisco-based hotel investment company, in a joint venture with a fund managed by Morgan Stanley Real Estate Investing, is to renovate and rebrand the property following the acquisition.

The renovation work will include a redesigned lobby, refurbished rooms and an upgraded pool deck.

Castle Resorts and Hotels is managing the twin tower hotel and following the acquisition Kokua Hospitality, an independent management firm affiliated with Chartres Lodging, will manage the property.