A new joint venture between four investments firms announced its acquisition of the Ritz-Carlton, Kapalua on Maui Nov. 21.
The new ownership consists of real estate group Ares Management; Square Mile Capital Management; Wafra Investment Advisory Group; and Honolulu-based Trinity Investments.
The 49-acre oceanfront property, located on Maui's northwest coast, was sold by Woodridge Capital Partners and Colony Capital.
Home to 297 guestrooms, as well as 107 recently renovated one- and two-bedroom condos, the Ritz Carlton, Kapalua offers guests access to two golf courses, features a 17,500-square-foot spa, a fitness center, tennis courts and a three-tiered pool.
According to the Nov. 21 announcement, the new ownership joint venture has future plans "to renovate the hotel's common areas and guestrooms."
"This acquisition of The Ritz-Carlton, Kapalua represents a significant opportunity to invest in one of Hawaii's most highly-acclaimed resorts," Andrew Holm, the managing director for Ares Real Estate Group, said in the statement.