A tiny 50-room all-suite luxury hotel will replace the unsold time-share units at The Residences at Kapalua Bay, which was formerly the Ritz Carlton time-share on Maui. Lantern Asset Management, which acquired the Kapalua property at a foreclosure auction earlier this year for about $100 million, has stated that the resort will be managed by Montage Hotels & Resorts. Lantern has also stated that they will be marketing and selling 56 condominium units to help generate money for various renovation projects at the hotel. Individual condominium units would be priced between $4 million to $10 million.
Source: Honolulu Star Advertiser, 8-2-2013, 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
