MAUI, HI—The Ritz-Carlton, Kapalua Resort was sold to a partnership between Michael Rosenfeld's Woodridge Capital Partners LLC and Colony Capital LLC and its affiliates including Colony Financial. As GlobeSt.com previously reported, the hotel has been on the market since May.
The property is situated on 54 oceanfront acres. The new owners intend to make further investment to enhance the resort which will continue to be operated by the Ritz-Carlton Hotel Co. LLC.
Sources involved in the deal could not provide GlobeSt.com with a purchase price at this time, but we did learn that acquisition financing was provided by Deutsche Bank.
The luxury resort features 463 guestrooms, including 107 residential suites, with expansive pools overlooking the dramatic Maui coastline and the Island of Molokai.
The resort was built in 1992 and underwent a $190 million renovation in 2007 including the introduction of The Ritz-Carlton residences. The property offers three in-hotel restaurants and a lounge complemented by a pool bar and café and an outdoor restaurant, the Beach House, that sits adjacent to neighboring D.T. Fleming beach.
As GlobeSt.com previously reported, Jones Lang LaSalle's Hotels and Hospitality Group was retained by RCK Maui, LLC to market for sale the property. The island of Maui, named “Best Island in the World” for 18 consecutive years in the Conde Nast Traveler Reader's Poll, is one of the premier luxury hospitality markets in the world. The market has demonstrated strong fundamentals with RevPAR growth of 12.5% and 8.0% in 2011 and 2012, JLL said at the time of the assignment.
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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.
