The private investment firm of computer magnate Michael Dell has bought its second Four Seasons resort in Hawai'i.

Dell's MSD Capital LP in partnership with investment management firm Rockpoint Group LLC announced that it has purchased the Big Island's Hualalai Resort for an undisclosed price.

The resort's seller, Ka'upulehu Makai Venture, said the purchase should result in a seamless transition for employees, guests and homeowners at the resort.

Four Seasons will continue to manage the 243-room hotel on the property, which is about 15 minutes north of Kona International Airport at Keahole.

Barry Sholem, head of MSD Capital's Real Estate Group, said that the company sought to broaden its portfolio of world-class properties, and as a long-term investor will look to further enhance the reputation of Hualalai.

"MSD Capital is very excited to acquire this exceptional property," he said.

Hualalai at Historic Ka'upulehu is a master-planned resort community on 865 acres of the Kohala Coast that opened in 1996 and includes the Four Seasons hotel, two 18-hole golf courses, homes and a spa.

Ka'upulehu Makai Venture, an affiliate of Tokyo-based construction company Kajima Corp., developed the property after taking over an aborted plan by Japanese golf resort operator Cosmo World to develop a multihotel resort on the site.

Kajima developed the low-rise Four Seasons hotel and has expanded the resort by selling million-dollar homes, condominiums and house lots.

To date, the Hualalai developer has sold more than $600 million in residential property. About 320 homes exist today at the resort, which is entitled to develop about 900. The current master plan, however, envisions completing the resort with 525 homes.

Hualalai is the second Hawai'i resort bought by the investment firm established by the founder of Dell Computer Corp. In 2004, MSD Capital purchased the Four Seasons Resort Maui at Wailea.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.