Northwynd Resort Properties Ltd., a Canada based company, owns the Makaha Resort on the Leeward Coast of Oahu. In April 2011, Northwynd had partnered Pacific Links Hawaii, a golf course operator, to help upgrade the hotel and convert the 173 rooms into timeshares. Pacific Links purchased the 18-hole golf course which was part of the Makaha Resort for $2.5 million and spent $3 million upgrading the golf course. Pacific Links also agreed to loan Northwynd $6.8 million to help renovate the hotel. However, Northwynd was unable up secure additional financing and closed the hotel in October 2011. Northwynd claimed at that time that they would secure financing at a later date, upgrade the property and then reopen the Makaha Resort.
Pacific Links has recent filed a foreclosure lawsuit against Northwynd and hopes to repossess the currently closed hotel that was used to secure the loan. Chief operating officer for the Pacific Links Hawaii, Micah Kane, stated, “It is very unfortunate that Makaha Hotel and Resort was unable to secure the financing to reignite hotel operations. However, we will use this as an opportunity to pursue a more comprehensive, community-based approach to developing a truly sustainable economic plan for Makaha Valley.”
Source: Honolulu Star Advertiser, 3-2-2013, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor®
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
