KIHEI, Hawaii--(BUSINESS WIRE)--The Capbridge Group and its local subsidiary, Capbridge Pacific LLC, has announced the purchase of a 28-acre beachfront property located in Kihei, Maui, formerly known as the Maui Lu Resort. The company is collaborating with Hilton Grand Vacations to redevelop the property into a timeshare resort that will break ground in late 2015 and open in 2017. The $300 million redevelopment project is The Capbridge Group’s first venture in Hawaii and will be the first Hilton Grand Vacations property on the island of Maui. The company has chosen Hilton Grand Vacations to manage the timeshare sales and the hotel operations due to its vast experience in developing, selling and operating successful timeshare resorts in Hawaii.
Situated on the eastern edge of Maalaea Bay adjacent to the Humpback Whale Sanctuary Visitor Center and Kalepolepo Beach Park, a State Conservation area, the new resort will be developed as a villa-style, Hawaiian resort featuring 388 one-, two-, and three-bedroom residences. The resort also will feature a super pool, fitness center, and kids and teen centers. Conveniently located, the resort is only 15 minutes from the Kahului Airport and near a variety of restaurant, shopping, and nightlife destinations in Kihei and Wailea. The new resort will boast 740 feet of oceanfront property from its private beach club and great lawn on Maui’s longest beach.
“The Capbridge Group and Capbridge Pacific are looking forward to developing our first major project in Hawaii, which will provide a significant improvement to Kihei and a major economic boost to Maui,” said Will Beaton, president of Capbridge Pacific. “Maui continues to be one of the most desirable destinations for the vacation ownership market. Hawaii’s relationship, from both a geographic and business perspective, with both the U.S. mainland and the Asia-Pacific region, is a great fit with our company’s growth and investment strategy,” he added.
Headquartered in Tokyo, Japan, The Capbridge Group has offices in Honolulu, San Francisco and Shanghai. The Honolulu office is headed by Beaton, who has more than 26 years of land development experience in Hawaii, including projects such as One Archer Lane and Wailea Beach Villas on Maui.
Currently, Kihei is known for its collection of small hotels, condominiums and cottages. The new Hilton Grand Vacations resort will be the first Hilton-branded timeshare project on the island of Maui. Hilton Worldwide also manages the Grand Wailea as part of its Waldorf Astoria Resort brand. Hilton Grand Vacations will be responsible for sales, marketing and ongoing management of the resort.
“We are delighted to work with Hilton Grand Vacations to revitalize this area of Maui, which holds a special place in Maui’s tourism history,” added Beaton. “The plans for this resort, coupled with the quality of the Hilton Grand Vacations Club product and the strength of the Hilton brand will offer visitors another exceptional vacation experience on Maui,” he said.
“Hilton Grand Vacations is thrilled to be a part of this new resort development and we are excited to soon have a presence on the island of Maui,” said Mark Wang, president of Hilton Grand Vacations. “This new resort will be an outstanding addition to our portfolio of vacation destinations and ownership opportunities in Hawaii,” he added.
About The Capbridge Group:
The Capbridge Group (CBG) is a diversified investment company that creates investment strategies, originates investment opportunities within those strategies, develops capital structures through debt and equity relationships, and performs as operator to execute the agreed upon business and investment plans. CBG operates with a merchant banking business model where in it co-invests with its partners on projects and manages each project from inception to completion. CBG’s core competencies focus on the acquisition and restructuring of distressed or undervalued corporate entities, as well as real estate investment, development and asset management in Japan, China, Hawaii and the mainland U.S.
At Capbridge, we understand that an investment is measured through more than financial growth and returns. The potential positive impact of jobs saved through diligent corporate restructuring; the creation of businesses that add value to communities; and the development of culturally and environmentally friendly real estate projects all create lasting value. That value is shared between our investment partners, our firm and our communities. It is our economic and social responsibility to foster sustainable growth in the communities in which we invest. Doing this is more than good business practice – it is a commitment which Capbridge pledges to adhere. While we survive as a company on financial gain, it is our greater environment and its health that enables prosperity. When communities, our employees and our partners succeed in synergy with Capbridge investment, this mutual growth extends our collective potential. Working together solidifies our advantages, ensuring investment viability now and into the future.
About Hilton Grand Vacations:
Hilton Resorts Corporation, dba Hilton Grand Vacations, is a division of Hilton Worldwide, recognized as a leading global hospitality company. Headquartered in Orlando, Florida, Hilton Grand Vacations develops, markets and operates a system of brand name, high-quality vacation ownership resorts in select vacation destinations. The company also manages and operates two innovative club membership programs: Hilton Grand Vacations Club® and The Hilton Club®, providing exclusive exchange, leisure travel, and reservation services for more than 220,000 Club Members. For more information, visit www.hiltongrandvacations.com or connect at www.hiltongrandvacationsmediacenter.com or connect at clubtraveler.com.
About Hilton Worldwide:
Hilton Worldwide is a leading global hospitality company, spanning the lodging sector from luxury and full-service hotels and resorts to extended-stay suites and focused-service hotels. For 95 years, Hilton Worldwide has been dedicated to continuing its tradition of providing exceptional guest experiences. The company’s portfolio of 11 world-class global brands is comprised of more than 4,200 managed, franchised, owned and leased hotels and timeshare properties, with more than 690,000 rooms in 93 countries and territories, including Hilton Hotels & Resorts, Waldorf Astoria Hotels & Resorts, Conrad Hotels & Resorts, Curio – A Collection By Hilton, DoubleTree by Hilton, Embassy Suites Hotels, Hilton Garden Inn, Hampton Hotels, Homewood Suites by Hilton, Home2 Suites by Hilton and Hilton Grand Vacations. The company also manages an award-winning customer loyalty program, Hilton HHonorsTM. Visit news.hiltonworldwide.com for more information and connect with Hilton Worldwide at www.facebook.com/hiltonworldwide, www.twitter.com/hiltonworldwide, www.youtube.com/hiltonworldwide, www.flickr.com/hiltonworldwide and www.linkedin.com/company/hilton-worldwide.