Mr. Ty Warner, Chairman and sole owner of both Ty Warner Hotels & Resorts, LLC, a luxury hotel company and Ty Inc., the largest manufacturer of soft toys, said he "felt privileged to purchase this unique Hawaiian icon and carry on the tradition of maintaining this property as the most truly Hawaiian resort experience."
The resort, situated around ruins of an ancient fishing village and natural brine tidal ponds fronting Kahuwai Bay at Ka'upulehu, was established in 1965 by John M. "Johnno" Jackson as a retreat for his family and wealthy associates who flew in on the property's private airstrip.
Kona Village has 125 individually thatched roof cottages throughout the resort on the Big Island of Hawaii. The legendary property is known for its beautiful crescent beach and 82 acres of pristine tropical vegetation. The Kona Village Resort is one of a kind in Hawaii, with the bungalows in the authentic style of several Polynesian cultures.
Greg Rice, Director of Development of Ty Warner Hotels & Resorts said "This upscale retreat will be very synergistic with our current hotels in Santa Barbara. The company is reviewing seven building sites in Cabo slated for luxury hotels to find the best site to build the most luxurious and intimate resort in the Cabo market." Mr. Rice stated that "With these Properties, we will offer the most comprehensive collection of romantic properties catering to the affluent California market."
Bruce Baltin, Senior V.P. of PKF Consulting said of the transaction, "It is a unique resort catering to the discriminating customer looking for a different experience than the typical hotel. This property typifies the kind of unique trophy properties which Ty Warner has been collecting."
Fred Duerr, General Manager of the Resort since 1975, said of the transaction, "The entire staff feels indebted for the commitment shown to us and to the Resort by Kona Village Associates these past fifteen years. We look forward to keeping The Kona Village the very special place that it has been and are excited by the new opportunities that Ty Warner Hotels & Resorts brings."
About Ty Warner:
Ty Warner is ranked by Forbes Magazine as the 30th wealthiest individual in the U.S. with a net worth of six billion. He is known for his generosity, most recently donating six million dollars to the Andre Agassi Charitable Foundation for his underprivileged children's school in Las Vegas. He also completed an 8.1 million dollar building fund for the Ty Warner Sea Center in Santa Barbara, California. Recently, Mr. Warner donated soft toys valued at Y300 million to promote a Red Cross Blood Drive in Japan.
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