A joint venture between Santa Monica, California-based Colony Capital and Los Angeles-based Woodridge Capital Partners has acquired the Ritz-Carlton Kapalua hotel in Maui, Hawaii for $142 million. Deutsche Bank provided the acquisition financing.
Last May, brokerage firm JLL brought the property to market on behalf of the estate of Lehman Brothers, which foreclosed on a $232 million loan in 2011. The sale was expected to bring in more than $200 million, according to reports.
The hotel’s previous owner was a joint venture among Goldman Sachs’ Whitehall Street Real Estate fund, Gencom Group and Highgate Hotels, according to data provider Real Capital Analytics. The partnership acquired the 463-room resort in 2006 for $175 million and conducted a $190 million renovation in 2007 that included converting some of the units into condominiums. As of last May, 73 of the 107 condo units reportedly were unsold.
The property, which is situated on 54 oceanfront acres, features three restaurants, 207,000 square feet of meeting space, a spa, fitness center, tennis facilities and 4,600 square feet of retail and convenience shops. The new owners intend to make further investments to enhance the resort, which will continue to be operated by The Ritz-Carlton Hotel Company.
“We have great respect for the traditions of the islands,” said Woodridge founder Michael Rosenfeld in a statement. “With its special character, remarkable location and precious natural resources, the Ritz-Carlton Kapalua is a rare property that would be nearly impossible to duplicate today.”