865-Acre Hualalai Resort Fetches $550M

HAWAII-The Hualalai Resort here has changed earlier this month for around $550 million, making it one of the largest hotel deals in US history. The developer, Tokyo-based Kajima Corp., sold the 865-acre to a joint venture that includes MSD Capital, the private investment firm of Dell computer founder Michael Dell and his family, and an investment fund of Boston-based Rockpoint Group.

Hualalai at Historic Ka’upulehu is one of the most exclusive master-planned residential resort communities in the world. Located 15 minutes north of Kona International Airport on the Big Island, the property includes the 234-room Four Seasons Resort Hualalai at Historic Ka’upulehu, a partially developed 300-unit residential community, two golf courses. The hotel opened in 1994. Its average daily rate and average occupancy are believed to be upward of $750 and 90%, respectively, putting it atop the Hawaii hotel market and among the best in the US.