The hotel's owner said it plans to spend $95 million on upgrades that will involve closing the hotel from July 2 to Dec. 15 and reducing the number of units from 548 to 470 as many one-bedroom units are expanded with second bedrooms. Kitchenettes are also being added to units.

Prices are expected to start at $895,000 for 107 suites with one or two bedrooms, though it hasn't been determined whether units will be sold fee-simple or leasehold given the hotel is on land leased to Maui Land & Pineapple Co.

Individual investors will decide how they want to use their units, which could include living in them or renting them to vacationers through Ritz-Carlton.

Sales are expected to start soon, but a sales office has not yet been established to accept inquiries.

Jerry Landeck, senior partner with one of the hotel's principal owners Gencom Group, said Ritz-Carlton Kapalua historically had strong demand for suites that could not be accommodated but will be satisfied with the renovation.

Landeck also said he expects many loyal Ritz-Carlton guests will buy units available for sale. "I think there's a lot of pent-up demand," he said. "We feel we have a winning combination of residential use and legendary Ritz-Carlton hotel service."

Sales will help finance the renovation, which includes doubling the size of the hotel's spa and redesigning restaurant and lobby areas. Other changes include additions of a children's pool, a teen activity center and cultural center.

The $95 million upgrade is about double the cost of an earlier $40 million renovation plan announced last March after Gencom bought the hotel with partners Highgate Holdings and Whitehall Street Global Real Estate LP for an undisclosed price.

The AAA five-diamond rated Ritz-Carlton Kapalua was developed in 1992 for $206 million by Japan-based Nissho Iwai Corp. in a joint venture with Ritz-Carlton Co. and Maui Land & Pine.