The Makena Beach and Golf Resort will be auctioned off sometime this spring, tentatively in April.
Makena Beach Golf Resort to be auctioned off in April-Prime Oceanfront Maui Real Estate
The 1,800 acre resort including a 310 room hotel, golf and tennis facilities was purchased by the partnership of Maui developer Everett Dowling and Morgan Stanley for $575 million in 2007.Â The partnership borrowed more than $419 million to facilitate the purchase. It was purchased from the troubled Seibu Group of Japan.Â Seibu had purchased the property from Ulupalakua Ranch in the 1970s and proceeded to develop the then Maui Prince Hotel and its amenities.
Wells Fargo, acting as trustees, filed for foreclosure in August after the Dowling-Morgan Stanley venture defaulted.Â The amount owed is more than 192.5 million including interest and late charges.Â Maui 2nd Circuit court appointed Honolulu based real estate developer and broker, Chris Lau as the commissioner to sell the property.
Pristine Beachfront in front of Makena Resort
The resort will remain open with Benchmark Hospitality International continuing their management contract until further notice.Â Benchmark has been managing the property since 2009 and says there will be no changes to employees or guests during this transition time.
â€œThere are few places left in Hawaii where you can stroll along quiet stretches of sand, see waves splash on ancient, storied shores and feel what the Hawaiians call the mana, or spirit of the land. One such place is Makena on Maui’s southwestern coast, home of the Makena Beach & Golf Resort.
The Resort is secluded on 1800 acres, between a perfect crescent beach and the dramatic slopes of Mount Haleakala. A true Aloha experience, the Resort welcomes you with everything you desire for your Hawaiian visit. Sparkling Pacific views from every guest room. A pristine beach. Spectacular golf. Plus oceanside recreation and enticing dining options.â€ Makena Beach and Golf Resort