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The Honolulu Advertiser
Updated at 1:09 a.m., Monday, March 17, 2008

Ritz-Carlton residential suites bring in $176 million

Associated Press

LAHAINA, Hawaii — A residential property sale at the recently renovated Ritz-Carlton Kapalua on Maui has brought in $176 million.

Officials with S&P Destination Properties, the real estate company handling the sale, say 93 of the 107 one and two-bedroom residential suites sold Saturday at an average price of $1.9 million each.

They say roughly 40 percent of the buyers for the suites, which ranged from $895,000 to $6.4 million, were from Japan, Canada and Europe.

A Japanese buyer purchased the Presidential Suite for $6.4 million.

The hotel recently completed a $160 million renovation that includes redesigned guest rooms, a new spa and fitness center, new restaurants and an environmental education center for teenagers and children.