So, we see that as another leg of growth for us in Hawaii as we look forward.
Floris Van Dijkum: Thanks Tom. Appreciate it.
Tom Baltimore: Thank you.
Operator: Thank you. Our next question is coming from Smedes Rose with Citi. Please proceed with your question.
Tom Baltimore: Hey Smedes
Smedes Rose: Hi. Congrats from San Francisco. I guess congrats. Great to have incremental color there. Going back to Bonnet Creek, it looks like kind of pre-pandemic the Waldorf combined did kind of in the low to mid-$60 million range EBITDA. Fair to assume that you would expect to surpass that going forward? And maybe can you just talk about kind of where you think EBITDA can get at that property and kind of the timeline to get there?
SeanDell’Orto: Smedes this is Sean. I would say yes you’re right on kind of pre-pandemic levels and it’s been floating with that despite even some I would say disruption through the work we’ve been doing. So, I think as we think going forward clearly we expect increases to that level pre-pandemic level. We’ve added a tremendous amount of meeting space there. We’ve gotten tremendous amount of interest from groups to bring in there. We’ve upgraded the facility a good bit. We were actually down with our Board last week touring them around the site. It looks fantastic. Our D&C team has done an incredible job building out the extra meeting space and really the design team did a fantastic job upgrading the wall of our side. So we certainly expect the team to sort of moved forward with a great product and generate additional far more group business there going from about 50%, I would say to about 60% group in the house.
And ultimately, we made a significant investment there. We expect to return. So, I won’t necessarily guide specific numbers there but you would imagine that you’re spending $200 million there. You’re getting a good return on that and increase net EBITDA by I would say a good double-digit growth.
Tom Baltimore: Smedes the other thing that I would comment on Bonnet by adding the additional capacity 137,000 square feet of meeting space plus or minus we have the ability now to manage multiple groups. So, it’s a 1,000-room Hilton. It’s a 500-room Waldorf. It’s a championship golf course. We’ve got all of the amenities to top restaurants that are on site and it’s a complete renovation public space freshened up obviously the guestrooms expanded the meeting both the new ballroom adjacent to the Waldorf. Again a large a ballroom a 100,000 square foot ballroom plus or minus over Waldorf I might add which is quite a marvel and quite a site it is extraordinary. And you think about the upside that we have there, we are very confident.
We’re trading at $200 a key plus or minus. I think that Four Seasons traded at $1.3 million a key in its next door and it’s fabulous all of that it’s not six times better. So we are very confident on the upside here and are very bullish as we look forward. And as Sean, gave you we’re already seeing a booking pace far ahead of anything that we have seen historically. So we think there’ll be real tailwinds because of the optionality to be able to house multiple group and it’s 350 acres plus or minus. So, very bullish on that as we move forward see that again another part of the Park growth story and changing the narrative as we move forward.
Smedes Rose: Can I ask you Tom to just on Hawaii? It sounds like a positive there and you have a lot of confidence going forward. Any thoughts on moving forward with the new tower there that’s kind of comment before on some of your calls?
Tom Baltimore: Yes. We continue. Tom Morey, our Chief Investment Officer and his team are doing an extraordinary job working through the final entitlements there. We are excited about adding another 550 keys plus or minus. And keep in mind, when you look at Hilton Hawaiian Village, it’s still running over 90% occupancy for a hotel with 2,900 rooms. So we think clearly it will be absorbed and are excited and continue to add another elevated product to the campus here. It’s also worth noting that we — the Hilton, Waikoloa, again, we shrunk that as part of the spin half of that went to HCV and timeshare but we’re more profitable today as a 600-room hotel than we were as a 1,200-room hotel. We also have the ability to add approximately 180 to 200 keys there as well.
So when we look out to Hawaii and that being 35% plus or minus of current EBITDA, we see growth not only in Oahu but also on the Big Island as well. So again part of the growth story for Park as we move forward.
Smedes Rose: Thanks for the time.
Tom Baltimore: Great. Thanks.
Operator: Our next question is coming from the line of Duane Pfennigwerth with Evercore ISI. Please proceed with your question.
Duane Pfennigwerth: Hey. Good morning.
Tom Baltimore: Hey, Duane.
Duane Pfennigwerth: Maybe just to zoom out a little bit kind of across the portfolio all the renovation and ROI work you were doing this year and displacement that you absorbed this year. Sort of how would you quantify that in total? And what would the tailwind across the portfolio be in 2024?
