Originally master-planned in the early 1970s by A&B subsidiary Wailea Development Company, Wailea Resort now encompasses over 1,500 acres along 1.5 miles of Maui's southern coastline. In addition to the three golf courses, it includes six hotels with 2,500 rooms, 450 single-family home sites, 1,300 condominium apartments and the 156,000-sf Shops at Wailea retail center. In 1989, A&B sold its remaining interest in Wailea (consisting of 927 acres, including two golf courses) to Shinwa. Shinwa continued the development of the Wailea Resort and also acquired the Kauai Lagoons Resort property.

A&B will be completing the acquisition with an affiliate of GolfBC Group, a Vancouver-based developer and golf course owner headed by Caleb Chan. A&B President/CEO Allen Doane says the properties present excellent near- and long-term opportunities.

"A&B already has a strong presence on Maui and possesses the local development expertise and on-island resources that make this acquisition a particularly good strategic fit," adds Doane. "It is an obvious reflection of our continuing strong belief in Hawaii's future and real estate values."