MAUI, Hawaii—The Ritz-Carlton Kapalua Resort was sold to a partnership between Michael Rosenfeld’s Woodridge Capital Partners and Colony Capital and its affiliates including Colony Financial. The property, located on the island of Maui, is situated on 54 oceanfront acres, within the Kapalua Resort. The new owners intend to make further investment to enhance the resort which will continue to be operated by The Ritz-Carlton Hotel Company.
“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,” stated Thomas J. Barrack, Jr., chairman and CEO of Colony Capital.
The luxury resort features 463 guestrooms, including 107 residential suites, with pools overlooking the dramatic Maui coastline and the Island of Molokai. The resort was built in 1992 and underwent a $190 million renovation in 2007 including the introduction of The Ritz-Carlton residences. The property offers three in-hotel restaurants and a lounge complemented by a pool bar and café and an outdoor restaurant, The Beach House.
“We have great respect for the traditions of the islands,” said 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.”
The resort offers 207,000 square feet of meeting space, including 35,000 square feet of indoor meeting space and 172,000 square feet of outdoor space. A large spa, fitness center, tennis facilities, and 4,600 square feet of retail and convenience shops complete the resort.
Acquisition financing was provided by Deutsche Bank.