KYOTO, Japan -- A Hawaii hotel and several golf courses are on the
block -- the result of a loan restructuring agreement between
Shinwa Golf Group, based here, and Resolution and Collection Corp.,
also a Japanese firm.
Shinwa's assets include the Renaissance Wailea Beach Resort
Hotel and 250 acres of undeveloped land on Maui, and a total of
five golf courses on Maui and Lihue.
Shinwa will continue to manage the properties until a sale is
completed, possibly next year, according to Karl Uesugi, president
of Shinwa Golf Hawaii.
Resolution and Collection Corp. called in Shinwa's loans in
August 2000, following the collapse of Nippon Credit Bank, Shinwa's
Shinwa's investment in Hawaii totals $1 billion, and its debt is
estimated at $600 million.
No word yet on potential buyers for the Hawaii properties.