| |
| |
One moment, please... we are searching the news archive.
|
|
|
Hotel Industry News |
Friday December 5th, 2008 |
 |
Maui Land & Pineapple Company, Inc. Announces Purchase of Interest in The Ritz-Carlton, Kapalua |
|
Maui Land & Pineapple Company, Inc. (ML&P) (AMEX:MLP), today announced the acquisition of an interest in the partnership that owns The Ritz-Carlton, Kapalua. |
In the transaction, ML&P 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.
'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 & CEO of ML&P. 'The Ritz-Carlton, Kapalua joins the Kapalua Bay Residences, The Kapalua Gold Villas, Honolua Village, and Kapalua Mauka as part of an integrated resort experience at ML&P's 23,000 acre master planned community in West Maui.'
In 2005, ML&P acquired a 51 percent interest in the Kapalua Bay Hotel and commenced redevelopment of the property in 2006 as part of a broader plan to modernize and move the well-known resort up market.
Earlier this year, The Ritz-Carlton, Kapalua announced that it will close for extensive renovations in July 2007.
|
|
|
 |
|
 |
|
|
Contact Information:
The Ritz-Carlton Hotel Company, LLC
4445 Willard Avenue
Suite 800
Chevy Chase, MD, 20815
USA
Click for Website
|
|
The Ritz-Carlton Hotel Company manages 57 hotels and resorts in Africa, Asia, Australia, Canada, Europe, Mexico, the Middle East and the United States. The Ritz-Carlton Hotel Company is an independently operated division of Marriott International. |
|
|
|
Post Release
Get Content
Email News Brief
Saved Articles
Advertising
Handheld
XML/RSS
Post News