Partnership acquires Ritz-Carlton, Kapalua
The 463-room Ritz-Carlton, Kapalua was bought Thursday by a partnership between Woodridge Capital Partners LLC and Colony Capital LLC and its affiliates, including Colony Financial.
Lehman Bros. sold the property’s 54 oceanfront acres and the hotel for an undisclosed amount. The sale’s impact on employees was not immediately known, although a spokesperson for the new owners said management would continue under Ritz-Carlton and it was believed that employees would keep their jobs.
Stephen Castro Sr., Maui Division director for the International Longshore and Warehouse Union that represents hotel employees, could not immediately be reached for comment Thursday afternoon.
“The new owners intend to make further investment to enhance the resort, which will continue to be operated by The Ritz-Carlton Hotel Company,” an announcement said.
Colony Capitol Chairman and Chief Executive Officer Thomas Barrack Jr. said the resort will be competitive for visitor dollars.
“The combination of the Ritz-Carlton brand, a welcoming and nurturing Hawaiian culture and the nature and magic of Maui will make it an unbeatable combination,” he said.
The resort’s rooms include 107 residential suites, with expansive pools overlooking the West Maui coastline and Molokai. Built in 1992, the resort underwent a $190 million renovation in 2007, including the introduction of The Ritz-Carlton residences.
The property also offers three in-hotel restaurants and a lounge complemented by a pool bar and cafe. An outdoor restaurant, The Beach House, is next to D.T. Fleming Beach.
“We have great respect for the traditions of the islands,” said Michael Rosenfeld, founder and chief executive officer of Woodridge Capital Partners. “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.”
The resort’s amenities include 207,000 square feet of meeting space, with 35,000 square feet of indoor meeting space and 172,000 square feet of outdoor space. It also has a spa, a fitness center, tennis facilities and 4,600 square feet of retail and convenience shops.
Acquisition financing was provided by Deutsche Bank.
The county has assessed the land and the buildings at $39.4 million. Lehman Bros. acquired the hotel in a foreclosure auction for $95 million in 2011.