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HomeHotels & LodgingMakena Resort in Maui goes on sale

Makena Resort in Maui goes on sale

Jones Lang LaSalle Hotels had arranged the largest single-asset hotel transaction for 2007: the sale of the Makena Resort to Morgan Stanley Real Estate Fund V US and the Dowling Company, Inc., on behalf of…

Jones Lang LaSalle Hotels had arranged the largest single-asset hotel transaction for 2007: the sale of the Makena Resort to Morgan Stanley Real Estate Fund V US and the Dowling Company, Inc., on behalf of Lokelani Resort Corp., Maui Prince Hotel LLC, and Makena Wastewater Corp.



This closing represents the second largest hotel sale in history, following the 2004 sale of the Plaza Hotel in New York, which was purchased by the El Ad Group for $675 million, and leads the 2006 sale of the Four Seasons Hualalai for more than $502 million to Rockpoint and MSD Capital, Michael Dell’s company (also arranged by Jones Lang LaSalle Hotels).



“With 45 tours and 17 bids in the first round, the market spoke: Ocean-front resorts in Hawaii will trade at above $1M a key, all in,” said Arthur Buser, managing director for Jones Lang LaSalle Hotels, who arranged the transaction. “All of Hawaii`s, and in particular Maui`s, hotel markets are white hot both from a capital and guest demand perspective.”



“The complexity and multi-faceted characteristics of the Makena Resort enabled Jones Lang LaSalle Hotels to utilize the depth of its expertise in hotels, capital markets, resort residential development and asset strategy,” said Arthur Adler, managing director and CEO-Americas for Jones Lang LaSalle Hotels. “Makena`s unique combination of exceptional location, unparalleled view corridors of the Pacific Ocean and a plethora of readily developable acreage attracted a multitude of domestic and off-shore investors and land developers seeking to create one of the premier residential and resort destinations in the world.”

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Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.

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