The Hawaii Employees’ Retirement System has sold its two Ka’anapali Golf Courses, amenities and facilities for $28 million to Host Hotels & Resorts, the ERS confirmed Monday afternoon.
Thomas “Thom” Williams, executive director of the ERS confirmed the sales price in an email. Broadshore Capital Partners, which assumed asset management of the propoerties in 2015, announced the sale in a news release Monday. The transaction closed April 1.
The new owners, Host Hotels & Resorts, will also assume asset management of the courses. Host also owns the nearby Hyatt Regency Maui.
“The ERS is pleased to sell the Ka’anapali Golf Courses to Host, a long-term stakeholder and investor in Ka’anapali and a buyer who will be a good steward to the property and resort that is so cherished by the Maui community,” said Emmit Kane, chairman of the ERS Board of Trustees.
The ERS was established in 1926 and provides retirement allowances and other benefits to more than 141,000 retirees, beneficiaries, inactive vested members, and active public employees working for the State of Hawaii and the counties of Hawaii, the news release said. The ERS and its Board of Trustees account for and safeguard assets in the ERS investment portfolio and invests funds to help finance its retirement benefits program, the news release added.
Last year, the ERS said it pulled back on a project that would reconfigure its Ka’anapali Golf Course properties due to the economic impacts related to COVID-19. Plans had included construction of several golf courses, condominium and hotel units, commercial retail space, recreation areas and other amenities.
The state pension system acquired the property through a foreclosure. The project would have been required to build 50 affordable homes under the county’s workforce housing requirements.
The two 18-hole public courses are composed of the Royal Course, designed by Robert Trent Jones, Sr. and the Kai course, designed by Arthur Jack Snyder. Both courses underwent a comprehensive renovation in 2005 to 2006, according to a news release. There is also a driving range and a two-story, approximately 27,000-square-foot club house with pro shop and a Roy’s restaurant.
Nathan Tyrrell, chief investment officer at Host Hotels & Resorts said:, “Host is excited to expand our investment in the Ka’anapali Beach Resort area through the acquisition of nearly 300 acres of land adjacent to the Hyatt Regency Maui, where we recently completed a transformational renovation. We anticipate near-term potential to generate synergies through creative programming and experiences for which the resort is known.”
* Melissa Tanji can be reached at mtanji@mauinews.com.
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