Business briefs

Advertiser Staff

Fund to buy resort chain

A real-estate fund said it plans to pay $1.37 billion to buy a resort chain that owns properties in California, Florida, Arizona, Georgia and Hawai'i.

CNL Hospitality Properties Inc. of Orlando said Thursday that it signed a contract to buy KSL Recreation Corp. of La Quinta, Calif. CNL also will assume $794 million of KSL's debt.

KSL's properties include Maui's Grand Wailea Resort. Recently, KSL had planned to sell the hotels individually.

Barnwell deal worth $11.5M

Barnwell Industries Inc., a Honolulu-based oil exploration firm, said yesterday that Kaupulehu Developments, which is controlled by Barnwell, sold 80 residential lots to WB KD Acquisition LLC, an affiliate of Westbrook Partners, for $11.5 million and a percentage of the sales price after the lots are sold to the public.

Barnwell also said it would pay a dividend of 50 cents per share on March 12 to shareholders of record as of Feb. 27. The company paid a dividend last month of 20 cents.