What MacNaughton does

MacNaughton is a family-owned real estate investment and development firm founded in 1975 by Duncan MacNaughton and headquartered in Honolulu, Hawaii. The company develops, acquires, and manages residential, hospitality, retail, and commercial real estate, with a stated portfolio of 55+ Hawaii-based projects, $2.1B in residential home value, 11,907 multifamily units, and 3.372M sq ft of retail space. Core operating subsidiaries include MacNaughton Hospitality (which owns and operates three Waikiki hotels — Lotus Honolulu at Diamond Head, Hotel Renew, and Waikiki Malia — plus restaurants Arden Waikiki and tbd...Hawaii), MacNaughton Commercial Leasing, and the MacNaughton Foundation.

The business generates revenue across multiple streams: real estate development fees and equity participation, hospitality room and food & beverage revenue, commission-based commercial leasing, managed-services property management fees for retail centers and multifamily assets, franchise operating income from Starbucks Hawaii, Jamba Juice Hawaii, and P.F. Chang's Hawaii (200+ locations across the islands), and equity returns from joint ventures. Its go-to-market combines direct enterprise relationships with high-net-worth individuals and institutional investors, channel partnerships with Japanese institutional capital providers (Nomura Real Estate, Keihanshin Building, Kintetsu Real Estate, Tokyo Tatemono), and co-development arrangements with strategic partners such as Quarterra (a Lennar subsidiary), Kobayashi Group, and Craig Realty Group.

MacNaughton originated as a Hawaii-focused developer but has expanded into continental U.S. multifamily markets — Arizona, Oregon, Washington, and Texas — with recent ground-up development and acquisitions totaling more than 1,600 units outside Hawaii since 2024. The firm is led by CEO Ian MacNaughton, with Duncan MacNaughton serving as Chair Emeritus, and remains privately held without public funding rounds or external venture capital backing.

Name

MacNaughton

Legal name

MacNaughton

Website

https://macnaughton.com

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

11–50 employees

Short description

MacNaughton is a family-owned Hawaii-based real estate investment and development firm that develops, acquires, and manages residential, hospitality, retail, and commercial properties, serving high-net-worth buyers, institutional investors, and retail tenants across Hawaii and the continental U.S.

Ownership category

akta.pro rank

Product category

Real Estate Development

NAICS

Rental and Leasing Services (532), Traveler Accommodation (7211)

akta.pro primary industry

Resort & Branded Residence Vacation Rental Management (BPAJAIAE)

akta.pro secondary industries

Luxury Villa Resorts & Branded Villa Communities (THAMAEAI), Beachfront & Island Luxury Resorts (THAGACAA)

Keywords

• Real estate development
• Hospitality management
• Commercial leasing
• Property management
• Multifamily investment

Headquarters

HQ city

Honolulu

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Marketing or Sales, Others

Revenue model

1. Real Estate Development: Development fees and profit participation from residential, hospitality, retail, and commercial projects. MacNaughton develops properties for its own account and for third parties, generating development fees, acquisition gains, and long-term asset appreciation.
2. Hospitality Operations: Revenue from hotel ownership and management through MacNaughton Hospitality subsidiary. The company owns and operates three hotels in Waikiki: Lotus Honolulu at Diamond Head Hotel, Hotel Renew, and Waikiki Malia. Income includes room revenue, food and beverage operations (Arden Waikiki restaurant), and ancillary services.
3. Retail Leasing and Tenant Representation: Commission-based leasing services for retail spaces. MacNaughton Commercial Leasing serves in-house projects and assists select retailers and shopping center owners. Has facilitated entry of major brands to Hawaii including Costco, Starbucks, Target, Petco, and others. Leased just under 2 million square feet in retail space.
4. Property Management: Management fees from retail properties. MacNaughton manages four shopping centers with just under 1 million square feet. Also manages multifamily residential properties including acquisitions in Arizona, Texas, Oregon, and Washington.
5. Investment Returns: MacNaughton generates returns through equity investments in real estate projects, joint ventures, and operating companies. Investments include multifamily acquisitions, hotel ownership, insurance company investment (Zephyr), and venture investments (Earthshot Ventures climate tech fund).

Go-to-market motion2 records

Distribution channels4 records

Marketing channels4 records

Core offering

MacNaughton is a family-owned real estate investment and development firm that develops, acquires, and manages residential, hospitality, retail, and commercial properties. The company builds and operates luxury multifamily housing, boutique hotels in Waikiki (Lotus Honolulu, Hotel Renew, Waikiki Malia), retail shopping centers (Kapolei Commons, Kona Commons), and commercial properties primarily in Hawaii with expanding continental U.S. presence. Through its MacNaughton Hospitality subsidiary it owns and manages hotels and restaurants, while MacNaughton Commercial Leasing provides tenant representation and brokerage services.

Differentiator

Problem solved

Functional benefit

Brands

• Arden Waikiki: Contemporary Hawaii cuisine restaurant located at Lotus Honolulu Hotel, recognized for Best Service, Best Desserts, and Best Cocktail Program at 2025 Hale 'Aina Awards.
• tbd...Hawaii

Products and services

• Real Estate Development Full-service development of residential, hospitality, retail, and commercial properties for MacNaughton's own account and for institutional joint venture partners, including entitlement, design, construction oversight, and project management across Hawaii and select continental U.S. markets.

Quantifiable outcome

• 55 Hawaii-based projects completed or in development
• +3 more outcomes

Named customers8 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and minor.

• QuarterracoreStrategic or Co-development Partner · 1 August 2025Quarterra, an industry-leading multifamily development and investment management firm (subsidiary of Lennar Corporation), is MacNaughton's joint venture partner for a 796-unit luxury mid-rise development adjacent to University Village in Seattle. This is the first joint venture between the two firms. MacNaughton joined by its long-standing Japanese investment partners Nomura Real Estate, Keihanshin Building, and Kintetsu Real Estate.
• Kobayashi GroupcoreStrategic or Co-development PartnerCo-developer of Kapolei Commons and Kona Commons with MacNaughton and Craig Realty Group. Kobayashi Group is a prominent Hawaii real estate development company.
• Craig Realty GroupcoreStrategic or Co-development PartnerCo-developer of Kapolei Commons with MacNaughton and Kobayashi Group.
• U.S. NavycoreStrategic or Co-development PartnerMacNaughton entered into long-term lease with U.S. Navy to develop Moanalua Shopping Center including construction of Navy Service Center under an enhanced use lease of Federal property - a first of its kind for the Navy.
• Grove FarmminorStrategic or Co-development PartnerMacNaughton was hired by Grove Farm to manage upgrade and redesign of Kukui Grove Center in 2003.
• Queen Liliuokulani TrustcoreStrategic or Co-development PartnerMacNaughton developed Kona Commons in partnership with Kobayashi Group for the Queen Liliuokulani Trust, representing the first phase of a mixed-use community planned by the Trust.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Brookfield Property Partners: Global large-scale real estate operator with retail, office, hospitality, and multifamily assets. Comparable as a diversified institutional real estate platform though operating at much greater scale and capital base.
• Hilton Grand Vacations: Publicly traded timeshare/vacation ownership company that has acquired Hawaii assets from MacNaughton (King's Village). Comparable given Hawaii hospitality exposure and branded residence activity.
• The Howard Hughes Corporation: Large publicly traded master-planned community developer with residential, commercial, and hospitality assets. Comparable as a long-horizon mixed-use developer, though at significantly greater scale and geographic breadth than MacNaughton.

Direct peers

• Aqua-Aston Hospitality: Hawaii-based hotel management and hospitality company with a large Waikiki portfolio including the Aston brand. Directly comparable to MacNaughton Hospitality's three-hotel Waikiki platform.
• Alexander & Baldwin: Publicly traded Hawaii-focused real estate investment and development company with commercial real estate, land, and agribusiness operations. Direct comparable given its parallel Hawaii-centric development model and institutional capital partnerships.
• Outrigger Hospitality Group: Hawaii-based hospitality company owning/operating hotels and resorts across the Pacific. Direct comparable given overlapping Waikiki hotel operations and Hawaii tourism exposure.
• Kyo-ya Hotels & Resorts: Japan-connected owner/operator of major Waikiki hotels (Sheraton Waikiki, Royal Hawaiian). Comparable as a Japanese-capital-backed Hawaii hospitality owner with similar institutional investor backing structure.
• Castle & Cooke Hawaii: Private Hawaii master-planned community and resort developer (Ko Olina, Kukui'ula). Directly comparable as a long-standing Hawaii real estate developer with mixed residential, hospitality, and commercial exposure.
• Kobayashi Group: Prominent Hawaii real estate developer and MacNaughton's co-developer on Kapolei Commons and Kona Commons. Directly comparable in scale, Hawaii market focus, and shopping center development.

Regional players

• Triton Real Estate Partners: Hawaii-based private real estate investment firm focused on retail and commercial assets. Comparable given overlapping Hawaii focus and institutional capital deployment approach.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about MacNaughton