MAUI, HI-AREA Property Partners, formerly known as Apollo Real Estate Advisors, has assumed ownership of Hawaii’s Makena Beach and Golf Resort from the lender, completing the foreclosure process. The international real estate investor and fund manager will own the property in a joint venture with Trinity Investments LLC, a hotel investor and operator, and Stanford Carr Development LLC, a Honolulu-based residential development firm.
Located on the south shore of Maui, the Makena Beach and Golf Resort is a 1,800-acre property with a hotel that has 310 guestrooms and suites overlooking the Pacific Ocean, two 18-hole, Robert Trent Jones Jr. championship golf courses, and 1,300 acres of land with entitlements for residential development.
The property went into foreclosure in September 2009 and was sold in a recent foreclosure auction, with the lender being the winning bidder for the property. AREA, an investor in the lending trust, worked with the lender from the start of foreclosure to ensure that the hotel stayed open and guests continued to enjoy the resort experience, and was designated to assume ownership by the lender.
“Over the last year, many parties including the receiver, the lending trust and its agents and the hotel management company made extraordinary efforts to stabilize the hotel operations and position it for a transition to long-term ownership” says Bradford Wildauer, a partner at AREA. “In assuming ownership of the property, AREA and our partners are expanding our commitment to the resort, its employees and guests.”
He adds that “We plan to revitalize Makena so that it continues to be a premier destination resort.” The property will continue to operate as Makena Beach and Golf Resort.
AREA and Trinity have a successful track record of joint investment in luxury resort properties in Hawaii, including current ownership of the Kahala Hotel and Resort on Oahu and previous ownership of the Fairmont Kea Lani Resort and Embassy Suites Kaanapali, both on Maui.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
