The Denver-based real estate development and investment company Amstar Group closed a deal to buy the Hotel Hana-Maui on May 20.

"Hana is truly a one-of-a-kind destination," Amstar CEO Gabe Finke said in a statement. "We remain excited about marketing an experience that can only be offered by this unique east Maui community and its surrounding resources. Our goal is to realize the full potential of the resort while preserving the historic character of the hotel and the local culture."

Opened in 1946, the Hotel Hana-Maui sits on 70 beachfront acres on Maui's eastern coast. Amstar purchased the property from Ohana Hotel Co., which had owned the hotel since 2001.

Green Tea, an Amstar subsidiary, will manage the property.

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