Saturday, February 3, 2001
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Posted on: Saturday, February 3, 2001

Maui Ritz-Carlton sold for $144 million

Advertiser Staff

Hotel chain Marriott International Inc. yesterday said it sold the Ritz-Carlton Kapalua on Maui to an affiliated company for $144 million, less than four months after buying the hotel for the same price.

Marriott officials said they don’t expect the transaction to cause much change at the 548-room luxury hotel. The company will continue to operate the hotel as a Ritz-Carlton — a Marriott-controlled brand — under a long-term management agreement.

The new owner, Capital Hotel Investments L.L.C., is a joint venture of Marriott and investment firm Blackacre Capital Management L.L.C. The new owner so far has invested $500 million in six hotels managed by Marriott.

Marriott bought the Kapalua hotel in September from Nissho Iwai Corp., one of the hotel’s founding partners. The Japanese company was forced to sell the resort at 30 percent below its $206 million construction price as part of a plan to unload overseas real estate.

After the sale, Marriott owns six properties in Hawaii, including the Hawaiian Regent and the Maui Marriott Kaanapali.

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