Kyo-ya Co. Ltd.’s plans call for redeveloping almost all of the Princess Kaiulani property on the mauka side of Kalakaua Avenue and for replacing the 58-year-old, eight-story, 140-room beachfront tower Diamond Head of the Moana Surfrider Hotel with a 282-foot tower, the first new hotel on Waikiki Beach in 30 years.

When completed, the Princess Kaiulani will have 666 renovated rooms in the Ainahau tower, 210 hotel-condo units in a new 34-story Pikake tower and 61 fee-simple residential condo units on the top floors of the Pikake tower, as well as a new parking structure, increased retail and restaurant space and convention and meeting rooms.

The 26-story Diamond Head tower will have 185 hotel rooms topped by 40 residential condo units that will be separate from the hotel, and will open up to views of the ocean from Kalakaua Avenue.

The Princess Kaiulani’s Ainahau tower will continue to be branded as a Sheraton hotel, while the Pikake tower likely will fall under the Westin flag, like the Moana Surfrider across the street, said Keith Vieira, senior vice president and director of operations for Hawaii and French Polynesia for Starwood Hotels & Resorts, which operates the four Kyo-ya-owned hotels in Waikiki, including the Royal Hawaiian Hotel and the Sheraton Waikiki.

The Diamond Head tower on the beach likely will be branded as a W Hotel, he said.