Renaissance Wailea, golf courses on the block

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 major lender.

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.

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