The Ritz-Carlton, Kapalua on Maui has a new owner. Los Angeles-based firms Woodbridge Capital Partners and Colony Capital, and its affiliates including Colony Financial, have acquired the 463-room resort for an undisclosed price.
While the sale price was not mentioned, Pacific Business News writes that previous reports suggested that the hotel was expected to sell for more than $200 million.
The new owners say they intend to make further investment to enhance the resort, which will continue to be operated as a Ritz-Carlton.
“The combination of The Ritz-Carlton brand, a welcoming and nurturing Hawaiian culture and the nature and magic of Maui will make an unbeatable combination,” Colony Capital Chairman and CEO Thomas Barrack, Jr. said in a statement.
The hotel was built in 1992 and underwent a $190-million renovation in 2007, including the addition of The Ritz-Carlton residences.
Deutsche Bank provided acquisition financing for the sale.
Lehman Brothers Holdings, which had listed the 54-acre oceanfront property for sale with Jones Lang LaSalle last May, had planned to time the sale with Hawaii’s rising tourism numbers.
Lehman acquired the Ritz-Carlton, the eighth-largest hotel on Maui, through foreclosure last year.