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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