The Ritz-Carlton Kapalua property is comprised of 297 hotel guest rooms and 107 private condominium residences, situated on approximately 49 acres in the heart of the Kapalua Resort in West Maui.
Back in 2007, the Ritz-Carlton, Kapalua underwent an extensive renovation. As a part of the renovation, the North (Honolua Side) Wing was converted from hotel rooms to one and two bedroom condominiums known as the Residential Suites at the Ritz-Carlton, Kapalua. Sales began in 2008, and 34 condominiums were sold prior to foreclosure in 2011.
In February, 2014, the Ritz-Carlton, Kapalua Hotel sold to a partnership between Woodridge Capital Partners, LLC and Colony Capital LLC and its affiliates, both Los Angeles based investment firms. They began another renovation process to further enhance the kitchen areas and update furnishings. The condominiums were rebranded the Ritz-Carlton Residences Kapalua. Sales began in 2015, and 9 properties sold. Sale prices ranged from $828,000 to $2,716,888, with an average sales price of $1,640,826.
As reported in Business Wire on November 21, 2016, “This acquisition of The Ritz-Carlton, Kapalua represents a significant opportunity to invest in one of Hawaii’s most highly-acclaimed resorts, and it fits squarely in our opportunistic strategy that focuses on development and redevelopment, with planned upgrades to further improve the guest experience for both leisure and group customers,” said Andrew Holm, Managing Director in the Ares Real Estate Group. “This project continues our long history of partnering with Trinity, which Ares has worked with in Hawaiian hospitality over 20 years on more than $1.2 billion in real estate investments, as well as our longstanding relationship with The Ritz Carlton’s parent company, Marriott.”
Ares (as AREA Property Partners) and Trinity Investments have already made significant investments in the Maui real estate market in the recent past with their acquisition of the Makena Resort as part of ATC Makena Holdings LLC. ATC purchased the resort for a reported $95 million and has partnered with the Arizona based Discovery Land Company to develop the Makena Beach and Golf Resort. Plans for the new resort include adding another course in addition to the the existing private golf course, a beach club, spa, fitness center, as well as residential, land and condominium offerings.
It has not yet been reported what direction the new ownership group will take with regard to the 64 unsold condominium Residences. At this time there are five active re-sale listings ranging from $948,000 to $2,950,000. View Current Ritz-Carlton Residences Kapalua Listings
Listed By: Keller Williams Realty Maui-L Office Contact: Cell: 808-870-7736
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Listed By: Coldwell Banker Island Prop-KP Office Contact: Cell: 808-870-7060
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