Woodridge and Colony Acquire the Ritz-Carlton, Kapalua Resort
MAUI, Hawaii--(BUSINESS WIRE)--The Ritz-Carlton, Kapalua Resort was sold today to a partnership between Michael Rosenfeld’s Woodridge Capital Partners, LLC and Colony Capital, LLC and its affiliates including Colony Financial. The AAA Five-Diamond Ritz-Carlton, Kapalua is a stunning destination resort on the Island of Maui, which was again voted “Best Island in the World” by Conde Nast Traveler for the 19th consecutive year. The property is situated on 54 oceanfront acres, within the world famous Kapalua Resort renowned for its two championship golf courses and award-winning restaurants. The new owners intend to make further investment to enhance the resort which will continue to be operated by The Ritz-Carlton Hotel Company, L.L.C.
“With its special character, remarkable location and precious natural resources, The Ritz-Carlton, Kapalua is a rare property that would be nearly impossible to duplicate today.”
“The combination of The Ritz-Carlton brand, a welcoming and nurturing Hawaiian culture and the nature and magic of Maui will make an unbeatable combination,” stated Thomas J. Barrack, Jr., Chairman and CEO of Colony Capital.
The luxury resort features 463 guestrooms, including 107 residential suites, with expansive pools overlooking the dramatic Maui coastline and the Island of Molokai. The resort was built in 1992 and underwent a $190 million renovation in 2007 including the introduction of The Ritz-Carlton residences. The property offers three in-hotel restaurants and a lounge complemented by a pool bar and café and an outdoor restaurant, The Beach House, that sits adjacent to neighboring D.T. Fleming beach, is considered one of the finest in the United States.
“We have great respect for the traditions of the islands,” said Rosenfeld. “With its special character, remarkable location and precious natural resources, The Ritz-Carlton, Kapalua is a rare property that would be nearly impossible to duplicate today.”
The resort’s spacious rooms and suites, all with lanais, and 207,000 square feet of meeting space, including 35,000 square feet of indoor meeting space and 172,000 square feet of outdoor space, make it a premier venue for luxury events and corporate meetings in Hawaii. A large spa, fitness center, tennis facilities and 4,600 square feet of retail and convenience shops complete the resort.
A unique aspect of The Ritz-Carlton, Kapalua is Jean-Michel Cousteau’s Ambassadors of the Environment program offering an environmental and cultural education center.
Acquisition financing was provided by Deutsche Bank.
About Woodridge Capital Partners
Founded by Chief Executive Officer Michael Rosenfeld, Woodridge Capital Partners, LLC (“Woodridge”), is a Los Angeles-based real estate development and investment company, and through its affiliates, are owners and developers of a broad range of residential, hotel, resort, and commercial real estate projects throughout the United States. Woodridge’s holdings include The Fairmont San Francisco Hotel, The Fairmont Orchid on the Big Island of Hawaii and The Hyatt Regency Century Plaza in Los Angeles. They received the 2008 Single Asset Transaction of the Year Award by the Americas Lodging Investment Summit and the San Francisco Business Times Hotel Deal of the Year Award. www.woodridgecapital.com
About Colony Capital, LLC
Founded in 1991 by Chairman and Chief Executive Officer Thomas J. Barrack, Jr., Colony Capital is a private, international investment firm focusing primarily on debt and equity investments in real estate-related assets and operating companies. The firm has invested $54 billion in over 32,000 loans/assets through various corporate, portfolio and complex property transactions. Colony has a team of more than 400 and is headquartered in Los Angeles, with offices in New York, Boston, Scottsdale, London, Madrid, Paris, Rome, Beirut, Hong Kong, and Seoul. For more information, visit www.colonyinc.com.
About Colony Financial, Inc.
Colony Financial, Inc. (NYSE:CLNY) is a real estate investment and finance company that is focused on acquiring, originating and managing a diversified portfolio of real estate-related debt and equity investments at attractive risk-adjusted returns. Our investment portfolio and target assets are primarily composed of interests in: (i) real estate and real estate-related debt, including loans acquired at a discount to par in the secondary market and new originations; and (ii) real estate equity, including single family homes held as rental investment properties. Secondary debt purchases may include performing, sub-performing or non-performing loans (including loan-to-own strategies). The Company has elected to be taxed as a real estate investment trust, or REIT, for U.S. federal income tax purposes.
About The Ritz-Carlton Hotel Company
The Ritz-Carlton Hotel Company, L.L.C., of Chevy Chase, Md., currently operates 86 hotels in the Americas, Europe, Asia, the Middle East, Africa, and the Caribbean. More than 30 hotel and residential projects are under development around the globe. The Ritz-Carlton is the only service company to have twice earned the prestigious Malcolm Baldrige National Quality Award, an award that originated in 1987. Its purpose is to promote the awareness of quality excellence, recognize quality achievements of companies and publicize successful quality strategies. The Ritz-Carlton Hotel Company won the award in 1992 and 1999. For more information, or reservations, contact a travel professional, call toll free in the U.S. 1-800-241-3333, or visit the company web site at www.ritzcarlton.com/Kapalua. The Ritz-Carlton Hotel Company, L.L.C. is a wholly-owned subsidiary of Marriott International, Inc. (NASDAQ: MAR).