(PRWEB) January 11, 2013
Patrick Donovan, a former investment banker and real estate professional, has joined with fund manager Matthew Brown and finance consultant Shane Starr to form Kona Group, a Hawaiian real estate investment firm, focused on distressed real estate opportunities on the Island of Oahu.
Hawaii has experienced year-on-year growth in tourism and will continue to benefit as the Islands attract the traditional Japanese tourist as well as exponential increases in South Korea and China. According to the Hawaii Tourism Authority, Hawaii has experienced increases in tourism from all four major markets, with the strongest showing in Asian markets up 52.2% providing close to 150,000 additional air seats.
“The Hawaiian holiday market is unique as the demand comes from both sides of the Pacific Ocean. Hawaii is a destination for multiple markets decreasing its exposure to a downturn in an individual market. We are targeting cash flowing properties with additional upside upon exit coming out of the recent US downturn and seeing real estate prices stabilize and in many cases improve,” according to Mr. Donovan, a 14 year veteran in commercial real estate.
Kona Group has a fixed investor pool backing their entry into Hawaii, including Tamra-Tacoma Capital Partners, an alternative investment firm based in New York City.