Jo Dorner

Jo Dorner's Kapalua Real Estate Blog

Jo, the resident specialist for Kapalua Resort, brings you up-to-date on West Maui's real estate market, Kapalua events, island activities, foreclosures/bank REO's and areas of interest. Subscribe today to receive notification of blog updates!

Ritz-Carlton Kapalua Hotel Under New Ownership

The resort's May foreclosure auction comes to a close.
July 21, 2011

The Ritz-Carlton Kapalua Hotel has been Sold. Are the Residential Suites Headed to Market?

Kapalua REO: West Maui Condos: JoDorner.com

By Jo Dorner

In May, on the courthouse steps, lenders auctioned off the Ritz-Carlton Kapalua Hotel after foreclosing on the property to recover the debt defaulted by Gengate Realty. At the time, the hotel was sold for $75 million to Lehman Brothers Holdings Inc.

On Tuesday, July 19th, bidding was reopened during the court confirmation of sale as is required by Hawaii State law. A bid was placed at that time for $78.75 million, at the end of this second round of bidding, Lehman Brothers Holdings Inc. had purchased the hotel for $95 million.

The property is currently and will continue to be managed by Ritz-Carlton so this change in ownership should have no visible impact on the 500 employees or thousands of guests who enjoy the hotel facilities every year. Hopefully this also means that the 73 residential suites built during the 2007 remodel will be placed on the market in the near future.

The next major foreclosure sales in Kapalua will be the Ritz Club and the Residences at Kapalua Bay. Hopefully the sale of the hotel and it's continued profitability will generate interest in these other properties among investors.
 

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Blogs for July 2011

Ritz-Carlton Kapalua Hotel Under New Ownership

Posted on July 21, 2011
The Ritz-Carlton Kapalua Hotel has been Sold. Are the Residential Suites Headed to Market?

By Jo Dorner

In May, on the courthouse steps, lenders auctioned off the Ritz-Carlton Kapalua Hotel after foreclosing on the property to recover the debt defaulted by Gengate Realty. At the time, the hotel was sold for $75… Continue Reading

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