As part of the transaction Maui Land sold the leased land underlying The Ritz-Carlton, Kapalua to owners, Kapalua/Gengate Holdings, LLC, in return for $25 million and a 21.43 percent ownership interest in the hotel, the company said in a news release.

"As a partner in The Ritz-Carlton, Kapalua we can carefully sequence our development programs and ensure that our residents and guests ultimately enjoy a seamless array of premium services throughout Kapalua Resort," said David C. Cole, chairman, president and chief executive officer of Maui Land & Pineapple.

In 2005 Maui Land & Pineapple acquired a 51 percent interest in the Kapalua Bay Hotel and began redeveloping the property in 2006 as part of a broader plan to modernize and move the well-known resort up market.