Sheraton Waikiki Hotel
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The Sheraton Waikīkī Hotel is a major beach resort in Waikīkī on the Hawaiian island of O'ahu. Located at 2255 Kalakaua Avenue in Honolulu, it sits on the legendary Waikīkī Beach. The Sheraton Waikīkī Hotel was built in 1971 and is currently owned by Kyo-Ya Company Limited and operated by Sheraton Hotels and Resorts Hawai'i. The resort is the most modern of the Sheraton brands in Waikīkī. Adjacent is the historic Royal Hawaiian Hotel.
[edit] The Hanohano Room
The most famous feature of the Waikīkī Hotel is the Hanohano Room, the loftiest of Waikīkī's restaurants towering above the beach on the thirtieth floor of the hotel tower. Various local entertainment shows are hosted at the Hanohano Room. Most recently, it was the site of televised auditions for the 2004 season of American Idol and where national entertainer Jasmine Trias was discovered.
[edit] Osano Empire
In 1974, Japanese businessmen and brothers Kenji Osano and Masakuni Osano bought the Hawaiian holdings of the Sheraton Corporation, including the 3 year-old Sheraton Waikiki Hotel. The Osano brothers formed Kyo-Ya Company Limited, a subsidiary of Kokusai Kogyo Company Limited as the corporate entity charged with overseeing the hotel properties. The purchases put the Osano brothers on the Forbes List of World's Richest People in 1999. After the death of the Osano brothers, Takamasa Osano inherited the billions of dollars owned in properties. The Sheraton Waikīkī Hotel is used as the corporate office of the Osano Empire. In 2004 Takamasa Osano sold 65% of Kokusai Kogyo to Cerberus Partners LP to cover $4 billion in defaulted loans. He still controls 35% of the company.
