Search
 

Fairfield Invests in Second Hawaii Property at Estimated $15M

THE BIG ISLAND, HAWAII-The locally based timeshare developer has acquired 76 of the 154 oceanfront condominiums at the seven-story Royal Sea Cliff Resort owned by Outrigger Hotels & Resorts of Hawaii. Vacation ownership industry sources tell GlobeSt.com the purchase price was at or below replacement cost of about $200,000 per unit.

By Alex Finkelstein | Updated on December 13, 2002

THE BIG ISLAND, HAWAII-Fairfield Resorts, the locally based timeshare developer that boasts it is the world’s largest vacation ownership company with 450,000 owners, has just grown larger.

The developer has acquired 76 of the 154 oceanfront condominiums at the seven-story Royal Sea Cliff Resort on the Kona coast of the big Island of Hawaii.

Fairfield wouldn’t disclose its investment amount in a prepared statement but says it plans a $3 million renovation ($40,000 per unit) of its newly acquired assets to be completed by spring 2003.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.