As reported by Globest.com Dec.31, Nissho Iwai Corp. sold the property in September for about $144 million in a transaction arranged by Tishman Hotel Corp. Marriott acquired the Ritz-Carlton Kapalua with the expectation of selling the property while continuing to manage it. As planned, Ritz-Carlton Hotel Co., an affiliate of Marriott International, will continue to operate the hotel as a Ritz-Carlton under a long-term management agreement. The acquisition brings Marriott's management portfolio of full service properties owned by Capital Hotel Investments to six hotels with a total value of more than $500 million, says Arne M. Sorenson, executive vice president and chief financial officer of Marriott International.
Built in 1992 on a 50-acre site, the Ritz-Carlton Kapalua underwent a $2.5-million renovation in 1999. It was built as part of a 1,650-acre master plan community.
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