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