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Maui Land & Pineapple Acquires Hotel Leasehold

KAPALUA, HI-The publicly traded hotel company acquires the leasehold interest in the Kapalua Bay Hotel with its partners, Marriott International and Exclusive Resorts LLC. In a related transaction, ML&P also acquired the leasehold interest in the nearby Bay Club.

By Brian K. Miller | Updated on September 08, 2004

KAPALUA, HI-Maui Land & Pineapple Co. Inc. has completed the purchase of the leasehold interest in the Kapalua Bay Hotel with joint venture partners Marriott International and Exclusive Resorts LLC. ML&P, which has a 51% interest in the partnership, Kapalua Bay LLC, contributed to the venture approximately 21 acres of land at the hotel site. Kapalua Bay LLC has awarded management of the Kapalua Bay Hotel to Renaissance Hotels & Resorts, one of Marriott International’s full-service lodging brands. The hotel was previously managed by Starwood Hotels and Resorts.ML&P executive David Cole could not be reached Tuesday for comment on the transaction. ML&P opened the 196-room Kapalua Bay Hotel in 1978. Since ML&P sold the hotel in 1985, it has changed ownership three times. The hotel is part of Kapalua Resort, which encompasses three beaches, three golf courses and a 548-room Ritz-Carlton. In a related transaction, ML&P acquired the leasehold interest in the nearby Bay Club and will begin renovations of the seaside property immediately. ML&P is the fee owner of the underlying land and is in discussions with several parties regarding the potential re-development of the restaurant site.

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