Your name saw this post on The ActiveRain Real Estate Network and thought it might be of interest to you. Please see the link below to review the post.
The Ritz-Carlton Club and Residences, Kapalua: December 2012 Update
The Ritz-Carlton, Club and Residences is Kapalua Resort's newest condominium property. Launched in 2009, the property consists of 84 wholly owned condominium units and 62 fractional ownership units (1/12th ownership).
As many of you know, the lienholders for the Ritz-Carlton Club and Residences, Kapalua Bay development filed for foreclosure earlier this year. At the initial foreclosure hearing in December, Island Acquisitions bid $55 million. The foreclosure is subject to court confirmation in January, 2013 and bidding can be reopened at 105%, or $57.5 million.On December 31, 2012, the current management contract with Ritz-Carlton management will expire.
It is my understanding that Timbers Resorts is being considered as the interim management for the property at the start of the new year. Once a new owner is in place, we may see further changes with regard to management and branding, depending on their intentions for the property. Until then, I look forward to seeing positive developments for the property with new management in place.Timbers Resorts is known for its management of luxury residence clubs and boutique hotels & resorts in "one-of-a-kind" destinations worldwide. Their collection includes properties in California, Arizona, Colorado, Mexico, Italy, Ireland, and the US Virgin Islands. www.timbersresorts.com
Are you on The Rain? Grow Your Network!