Kamehameha Schools has made what it described as a difficult but strategic decision to sell the land under the Royal Hawaiian Hotel in Waikiki, one of its most valuable properties in Hawaii.

The trust reported selling the 10.3-acre parcel under the pink beachfront hotel for $510 million to Japan-based commercial real estate firm Daisho Co. The sale closed Thursday.

The hotel itself continues to be owned by Kyo-ya Hotels &Resorts under a long-term land lease, from which Kamehameha Schools had long earned income.

Livingston “Jack” Wong, Kamehameha Schools CEO, said in a statement that now was the best time to sell the land under the hotel.

Sterling Wong, a Kamehameha Schools spokesperson, on Monday said the sale wasn’t connected in any way to litigation filed by a mainland nonprofit orga

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