POSTED: 9:15 a.m. HST, Sep 22, 2010
LAST UPDATED: 10:15 a.m. HST, Sep 22, 2010
Maui Land & Pineapple Co. Inc. is selling the Kapalua Bay Golf Course to TY Management Corp. for $24.1 million.
The sale of the course and its maintenance facility at the Kapalua Resort on Maui's northwest shore is expected to close by the end of September.
Maui Land will operate the golf course under a lease that runs through March 31.
"With this transaction, we are able to consolidate the ownership of both Kapalua golf courses with an esteemed partner," said Warren Haruki, Maui Land's chairman and interim chief executive officer, in a statement.
Maui Land sold last year the Plantation Course, also at the Kapalua Resort, to TY Management Corp., an affiliate of Japanese publicly-traded retailer, Fast Retailing Co. Ltd.
The 6,600-yard, par 72 Bay Course, which opened in 1975, was designed by Arnold Palmer and Francis Duane.
The course has hosted many high-profile golf tournaments, including the Lincoln Mercury Kapalua International and the 2008 LPGA Kapalua Classic.