Real estate firm buys Ritz Carlton Kapalua on Maui

Real estate firm buys Ritz Carlton Kapalua on Maui

WAILUKU — The Ritz-Carlton Kapalua on Maui has sold to an affiliate of the same investment group that purchased the Grand Wailea resort earlier this year.

Blackstone Real Estate Partners, an affiliate of Blackstone Group, closed this week on the 49-acre (20-hectare) property that includes a 297-room hotel and 107 condominium residences.

Terms of the deal were not publicly disclosed.

According to a Colliers International report, a joint venture that included Ares Management, SMW Hospitality and Trinity Real Estate Investments had purchased the property in 2016 for about $210 million.

The resort said earlier this year that the venture spent about $30 million in improvements to rooms, the lobby and restaurants.

A Blackstone Group company purchased the 776-room Grand Wailea in April for a reported $1.1 billion.

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