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Ritz Owner To Renovate Hotel, Sell Rooms

KAPALUA, HI-The owner of the 548-room Ritz-Carlton here plans to offset a $95-million renovation of the property by partially converting the property to a condotel.

By Brian K. Miller | Updated on January 17, 2007

(To read more on the multifamily market, click here.)

KAPALUA, HI-The Ritz-Carlton here will replace 185 of its 548 hotel rooms with 107 condotel suites as part of a $95-million renovation project. The project, by owner GenCom Holdings Inc. of Miami, is scheduled to get under way in July and be complete before the 2007 holiday season.

Owners buying a residential suite will hold a legal deed to the property, but can elect to place it in a hotel rental pool run by Ritz-Carlton. The partial conversion of the five-diamond hotel marks the first time Ritz-Carlton-branded residential units have been available in Hawaii.

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