Marriott Vacations Worldwide has closed on the $60-million sale of its Kauai Lagoons project to Hawaii developer Ed Bushor, reports Pacific Business News. The oceanfront project, which is near the Lihue Airport, is reportedly one of Hawaii's largest construction projects and was placed on hold during the recession.
The project includes about 83 acres of developable land and sits within the 601-acre master-planned community on Kauai Lagoons.
The sale includes partially built Ritz-Carlton Residences, ocean-view subdivisions, ready-to-build home sites with ocean and golf course views, a 27-hole Jack Nicklaus signature-designed golf course and club house.
"We already put in the horizontal utilities," Ed Kinney, a spokesman for Marriott Vacations Worldwide, told PBN. "We considered keeping [the property], but since we originally purchased it, we became a publicly-traded company, so when we look at things from a shareholder's perspective, the length of time to develop it [was too long]. There were other options to use our assets, probably bringing in a better return."
As PBN reports, Marriott halted construction at its $1.4-billion Kauai Lagoons project in 2008.