In August 2025, MSP closed on the ground lease under the 1,230-key Hyatt Regency Waikiki located in the heart of Waikiki Beach, Honolulu, HI. The acquisition represents an extremely rare opportunity to acquire a Waikiki hotel leased fee – only 3 leased fee hotel sales have occurred in the 21st century. The former owner owned the land since 1915. Hawaii, a market well accustomed to ground leasing, considers the Hyatt Ground Lease the crown jewel and benchmark for all ground leases in the state.