KAILUA-KONA — An affiliate of a California-based real estate company will take ownership of the Mauna Lani Bay Hotel and Bungalows as well as other properties.
KAILUA-KONA — An affiliate of a California-based real estate company will take ownership of the Mauna Lani Bay Hotel and Bungalows as well as other properties.
Details about the transfer weren’t made available, but the deal is expected to close some time in July, Mauna Lani Bay Hotel and Bungalows General Manager Rodney Ito told West Hawaii Today on Saturday. Details, such as the purchase price, remain unknown.
The move will transfer all Mauna Lani holdings of Mauna Lani Resort (Operation) Inc., a subsidiary of Japan-headquartered Tokyu Corp., to DHL Mahi Associates LLC, an affiliate of ProspectHill Group.
That company, based in California, has a “history of successful resort development in the Hawaiian Islands,” the release announcing the transfer stated.
Ito on Saturday iterated the new owners’ successes. ProspectHill, he said, “has a reputation of doing wonderful things” at other properties in the region.
The deal will give DHL Mahi Associates control of not only the hotel, but also the Frances H. Ii Brown Golf Courses. It will also include assets, including undeveloped land and facilities.
“So, Tokyu Corporation’s completely removing themselves from Mauna Lani Resort,” Ito said.
Ito said he didn’t know exactly how many acres are involved in the final transfer, saying most of the land has already been sold to private ownerships and developments in the resort. Initially, he said, the entire resort was more than 3,000 acres.
“But as far as the sale,” Ito explained, “there’s pieces of land that are still part of that sale, but I’m not sure what the total acreage was.”
Guests, Ito said, won’t notice any immediate changes at the properties.
The announcement outlining the transfer said operations are expected to continue without operations.
All hotel and golf reservations will be honored. The release also stated that all of the nearly 500 employees at the hotel and golf courses are expected to be rehired under the new owner.
Ito added that the rationale behind the sale was never shared.
“I guess, in their mind, it was just time,” he said.
In a statement, Toshiyuki Hoshino, senior managing executive officer at Tokyu Corp, called Mauna Lani “one of the world’s best resorts that still stands as a model of innovative planning and thoughtful land stewardship more than 40 years after it was built.”
“We are confident in ProspectHill Group’s ability to build on our former chairman Mr. Noboru Gotoh’s vision to transform what was once a center of native Hawaiian community life into a world-class resort, delighting guests from around the globe,” he added.