Haberhill was retained by Koa Hotel LLC as both partner and advisor to manage the redevelopment of the former Kona Surf Resort, a landmark 521-room hotel on the Big Island of Hawaii just south of Kailua-Kona. In conjunction with its partners, Bruce S. Brickman & Associates and Arlen Capital, Haberhill:
- Finalized the negotiation of a management agreement with Starwood Hotels and Resorts to manage the hotel as a Sheraton resort;
- Engaged a construction management firm to review the condition of the hotel and provide recommendations as to the cost and scope of work necessary;
- Oversaw all aspects of the $84 million redevelopment and renovation of the resort;
- Advised KOA in their lease negotiations with the Bishop Estate, the hotel landowner;
- Assisted KOA with potential timeshare scenarios.
The renovations include a new entrance, lobby, restaurant and swimming pool with a 200-foot water slide—the longest in Hawaii. The hotel reopened in October 2004 as the Sheraton Keauhou Bay Resort & Spa. Haberhill continued to asset manage the Hotel on behalf of KOA through the middle of 2008.