72
COURTESY PHOTO
ritzcarlton.com Lehman Bros. will begin unloading its last few holdings, including the Ritz-Carlton Kapalua on Maui, next month as it prepares to exit Chapter 11 bankruptcy protection.
The Ritz-Carlton, Kapalua Resort was sold on Thursday to a partnership between Woodridge Capital Partners LLC and Colony Capital LLC and its affiliates, which include Colony Financial.
The new owners said that they intend to invest in enhancements for the resort, which will continue to be operated by The Ritz-Carlton Hotel Company LLC. The 463-room resort, which was built in 1992, has not had substantial reinvestment since 2007 when a $190 million renovation added 107 Ritz-Carlton residences.
"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," said Thomas J. Barrack Jr., chairman and CEO of Colony Capital.
The resort sits on 54 oceanfront acres, including two championship golf courses and pools that overlook the Maui coastline and Molokai. The property offers three in-hotel restaurants and a lounge complemented by a pool bar and caf? and an outdoor restaurant, The Beach House, that sits adjacent to neighboring D.T. Fleming beach. The resort offers 207,000-square-feet of meeting space as well as a spa, fitness center, tennis facilities and 4,600 square feet of retail and convenience shops.
"We have great respect for the traditions of the islands," said Michael Rosenfeld, Woodridge Capital Partners’ CEO. "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."
