Friday, May 24, 2013
Dallas-based firm wins Maui resort with bid of $100M
POSTED: 01:30 a.m. HST, Feb 01, 2013
~~<p>Three real estate investment firms, including one formed by the co-founder of a company that created Hot Pockets, competed to buy a former Ritz-Carlton condominium and time-share resort on Maui at a Thursday foreclosure auction that resulted in a $100 million sale.</p>
<p>The bidding, which opened at $58 million, rose more than 20 times for the former Ritz-Carlton Club and Residences at Kapa­lua Bay project, where most of the 146 condos and time-share units remain unsold almost four years after completion.</p>
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Three real estate investment firms, including one formed by the co-founder of a company that created Hot Pockets, competed to buy a former Ritz-Carlton condominium and time-share resort on Maui at a Thursday foreclosure auction that resulted in a $100 million sale.
The bidding, which opened at $58 million, rose more than 20 times for the former Ritz-Carlton Club and Residences at Kapalua Bay project, where most of the 146 condos and time-share units remain unsold almost four years after completion. Login for more...
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