The Ritz-Carlton resort on Maui has its second new owner in three years.

A joint-venture between four investment firms announced today that it has bought the 49-acre oceanfront property in Kapalua from another investment partnership for an undisclosed price.

The buyer group includes Ares Management LP, Square Mile Capital Management LLC, Wafra Investment Advisory Group and Trinity Investments LLC. The seller was a partnership between Woodridge Capital Partners LLC and Colony Capital Inc.

Woodridge and Colony paid $142 million in 2014 for the property, which includes 297 hotel rooms, 107 condominiums, a spa, pool, fitness center and a roughly 5,000-square-foot retail arcade.

Woodridge and Colony renovated the condos, which were created in 2007 in one wing of the hotel building. The new owner said it plans to renovate the hotel’s common areas and guest rooms.

“This acquisition of the Ritz-Carlton Kapalua represents a significant opportunity to invest in one of Hawaii’s most highly-acclaimed resorts, and it fits squarely in our opportunistic strategy that focuses on development and redevelopment, with planned upgrades to further improve the guest experience for both leisure and group customers,” Andrew Holm, an Ares managing director, said in a statement.

The Ritz-Carlton Kapalua was built in 1992 and is within the broader 23,000-acre Kapalua Resort that includes two golf courses, tennis facilities, homes and the Montage Kapalua Bay hotel.