A 50-room hotel will replace unsold time-share units at Maui’s former Ritz-Carlton time-share and condominium resort in Kapalua under a plan by the property’s new owner and management firm.

The all-suite luxury hotel is projected to open early next year following a multimillion-dollar upgrade to the property now known as the The Residences at Kapalua Bay, the firms announced today.

After the conversion, the resort will become the Montage Kapalua Bay managed by Montage Hotels & Resorts, a company hired by an affiliate of real estate firm Lantern Asset Management that acquired the Kapalua property earlier this year at a foreclosure auction for $100 million.