MAUI Area Property Partners has assumed ownership of Hawaii’s Makena Beach and Golf Resort from the lender, completing the foreclosure process. The property will continue to operate under the same name.
Area, an international real estate investor and fund manager, will own the property in a joint venture with Trinity Investments LLC, a hotel investor and operator with extensive experience in Hawaii, and Stanford Carr Development LLC, a Honolulu-based residential development firm.
Located on the south shore of Maui, Makena Beach and Golf Resort is a 1,800-acre property with a 310-key hotel overlooking the Pacific Ocean and two Robert Trent Jones Jr. championship golf courses, along with 1,300 acres of land with entitlements for residential development.
The property went into foreclosure in September and was sold in a recent foreclosure auction, with the lender being the winning bidder for the property. Area worked with the lender from the start of foreclosure to ensure that the hotel stayed open and guests continued to enjoy the resort experience, and was designated to assume ownership by the lender.
“Over the last year, many parties including the receiver, the lending trust and its agents and the hotel management company made extraordinary efforts to stabilize the hotel operations and position it for a transition to long-term ownership,” says Bradford Wildauer, an Area partner. “In assuming ownership of the property, Area and our partners are expanding our commitment to the resort, its employees and guests. We plan to revitalize Makena so that it continues to be a premier destination resort.”
Area and Trinity have a track record of joint investment in luxury resort properties in Hawaii, including current ownership of the Kahala Hotel and Resort on Oahu and previous ownership of the Fairmont Kea Lani Resort and Embassy Suites Kaanapali, both on Maui.
New York City-based Area was formerly known as Apollo Real Estate Advisors.