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The Honolulu Advertiser

Posted at 12:37 p.m., Thursday, June 14, 2007

Goldman unit invests in firm with Maui, Kauai property

Advertiser Staff and News Services

Goldman Sachs Group Inc.'s Whitehall real estate fund said it made a "substantial" investment in Consolidated Resorts Inc., a developer of vacation ownership properties on Maui and Kaua'i and in Las Vegas and Orlando.

Consolidated was owned by closely held ASNY Corp. of Las Vegas. Terms of the deal weren't disclosed.

The companies formed a joint venture called ASNY Holdings LLC that will be managed by Arthur Spector, ASNY's founder, chairman and chief executive officer, New York-based Goldman said in a statement distributed by Business Wire today.

"We expect to combine this platform with our extensive resources in Whitehall to continue to grow this business into what we believe will be a world leader in the vacation ownership industry," said Stuart Rothenberg, the Goldman managing director who heads the firm's principal real estate investing unit, in the statement.

Consolidated Resorts, founded in 1982, has developed vacation ownership properties on Maui, in Las Vegas and Orlando and has projects in development in Palm Springs and Kaua'i. Some of ASNY's assets and non-timeshare assets owned by Spector aren't included in the new venture.

The investment was made by Goldman's Whitehall Street Global Real Estate LP 2007 fund.