Colony Capital and its affiliates including Colony Financial partnered with Michael Rosenfeld's Woodridge Capital Partners to purchase the Ritz-Carlton, Kapalua Resort this month. With acquisition financing provided by Deutsche Bank, the property was sold for an undisclosed price, but previous reports said that the hotel was expected to sell for more than $200 million.
Lehman Brothers Holdings, which had listed the 54-acre oceanfront property for sale with Jones Lang LaSalle last May, had planned to time the sale with Hawaii’s rising tourism numbers, according to a Pacific Business Times article. A joint venture of New York-based Goldman Sachs Group Inc. and Gencom Group bought the Ritz-Carlton Kapalua in March 2006 and renovated the property before defaulting in April 2009 on a $260 million loan from Lehman, as reported by Bloomberg.
"The combination of The Ritz-Carlton brand, a welcoming and nurturing Hawaiian culture and the nature and magic of Maui will make an unbeatable combination," said Thomas Barrack, Jr., Chairman and CEO of Colony Capital.
"We have great respect for the traditions of the islands," added Rosenfeld. "With its special character, remarkable location and precious natural resources, The Ritz-Carlton, Kapalua is a rare property that would be nearly impossible to duplicate today."
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