Last Monday, it was announced that the joint venture of Ares Management LP, Square Mile Capital Management LLC, Wafra Investment Advisory Group and Trinity Investments LLC had purchased the Ritz Carlton Kapalua for an undisclosed price. This is the second new owner in 3 years and Andrew Holm, a managing director from Ares Management, has said their plan to upgrade the resort falls in line with their opportunistic strategy for development and redevelopment.
The previous owners paid $142 million for the property, which is part of the much larger Kapalua Resort on Maui. Woolridge and Colony, the previous owners, renovated the condos and the new owners will continue their work with a planned $17 million renovation, which will focus on the hotel’s common areas and guest rooms. The resort has 297 hotel rooms, 107 condominiums, a few restaurants, a large retail arcade space, a spa, a pool, and a fitness center.
This acquisition continues the trend of large investment firms with international influence on the islands. It is an exciting redevelopment and purchase that is sure to bring more investors, tourism, business, and developers to Hawaii. Read Andrew Gomes’ Star Advertiser article here and leave a comment to let me know what you think.