A newly renovated hotel located on the coast of Hawaii has sold for $40 million. Earlier today, Ramsfield Hospitality Finance announced its acquisition of the recently reinvented Aqua Waikiki Hotel.

The beachfront property was formerly known as the Coral Reef Hotel. Shortly before Ramsfield bought the property, former owner Aqua Hotels and Resorts spent more than $8 million to renovate and reposition the property. The acquisition marks the first time that Ramsfield, a Manhattan-based lender that works with hotel investors, has purchased a hotel in Hawaii.

“We are thrilled to own the Wave,” says RHF President Richard Mandel. “We have continually been bullish about the Hawaiian hotel market and to gain a foothold in Waikiki is a [cornerstone] of our investment strategy.”

The property was recently renovated, but Ramsfield plans to invest added capital into the facility over the next few months. One reason, according to Mandel, is that the property has “superb” commercial space that’s currently underutilized.