The deal will help Northwynd Resorts pay for an upcoming hotel renovation
POSTED: 1:30 a.m. HST, Apr 26, 2011
The Canada-based owner of Makaha Resort & Golf Club has sold the golf portion of its property in a deal that will lead to the renovation of the 18-hole course and 173-room hotel.
Northwynd Resort Properties Ltd. announced yesterday the sale of the golf course to Hawaiian Golf Properties LLC, led by Bing Yang.
A sale price was not disclosed. The sale will help Northwynd finance improvements to the hotel, and provide a new owner and operator to improve the golf course.
"Northwynd and Hawaiian Golf Properties share a common vision for the future of the property," Patrick Fitzsimonds, Northwynd's chief executive officer, said in a statement. "We believe this alliance will allow Makaha to attain its full potential as a premier resort."
Hawaiian Golf plans to close the course May 14 to begin improvements. The hotel is slated for comprehensive renovation but will remain open during the work.
Northwynd has owned Makaha Resort since July when it acquired the assets of another Canadian firm, Fairmont Resort Properties Ltd., through a court-supervised debt restructuring.
The deal with Hawaiian Golf is the latest in a long effort to keep the 41-year-old resort on 300 acres in Makaha Valley competitive.
Late island financier Chinn Ho developed the hotel and golf course in 1969.
ANA Hotels Hawaii Inc. bought the property in 1979 but closed the hotel in 1995 after years of losses. The golf course remained open.
In 2000 Wisconsin-based real estate development firm Towne Realty Inc. bought the property and reopened the hotel in 2001 after making some renovations.
Fairmont bought the resort in 2004 for $13.5 million. Three years later Fairmont tried selling 40 hotel units as time shares to help finance continued improvements. But the company, which also owned other resort properties outside Hawaii, ran into financial trouble and was acquired by Northwynd.