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Thai-Chinese Billionaire Invests $343M in Kauai’s Princeville Resort14 Sep 2014, 5:59 am
A portion of the Princeville Resort on Kauai’s North Shore sold for $343 million.
According to the Pacific Business News, Reignwood International led by billionaire Thai-Chinese businessman Chanchai Ruayrungruang has purchased 1,103 acres at the Hanalei property, which includes the Prince Golf Course.
The seller was The Resort Group, led by Hawaii developer Jeff Stone, one of the state’s largest resort development landowners. The company will continue to manage the Kauai lands, as Reignwood International bought out the share of the group’s finance partner, Morgan Stanley.
In an e-mail written to The Garden Isle, Stephanie Reid, director of public relations for St. Regis, said that the sale did not include the St. Regis Princeville Resort. The hotel continues to be managed by St. Regis by Starwood Hotels & Resorts Worldwide Inc.
Built in the 1960s, the 9,000-acre Princeville Resort marked Hawaii’s first and largest master-planned community. The Resort Group and Morgan Stanley purchased the property in 2005 from Suntory, Japan’s largest beverage company.
The master-planned community currently supports 2,500 jobs and generates $1 billion in economic impact to Kauai and the state. According to The Resort Group, the sale of the property will not affect employees and operations will continue as usual.
“Hawaii’s culture has deep roots in Asian heritage, as many of my good friends cherish the Islands and have made them their preferred vacation destination or home,” Ruayrungruang told the newspaper. “We’re excited to be part of the Kauai and Hawaii communities. The island’s natural beauty is spectacular, and its open countryside translates well to our sustainability goals for our communities.”
“We’re committed to preserving Princeville’s regal heritage and cultural roots,” added Ni Songhua, the London-based head of global investments and acquisitions for Reignwood. “We believe that Reignwood’s profound respect for Hawaiian history, along with our green vision for the future, will help to advance the long-term vision of Mr. Stone.”
Reignwood International is a subsidiary of Reignwood Group, which was founded in 1984 in Thailand by Ruayrungruang, who owns assets with a net worth of $2 billion. Currently based in Beijing, Reignwood Group holds branch offices in Singapore, Thailand, the United Kingdom, Canada and the United States.
Photo credit: www.princeville.com
Developer Ed Bushor Acquires Long-Stalled Kauai Lagoons Project for $60M8 Sep 2014, 4:52 am
The unfinished Kauai Lagoons oceanfront resort project on Hawaii’s Garden Isle could soon have a new owner.
According to the Pacific Business News, Marriott Vacations Worldwide is in negotiations to sell the property to Hawaii developer Ed Bushor for $60 million. The transaction is expected to close in the fourth quarter of this year.
First planned decades ago by the late hotel developer Chris Hemmeter, the project includes partially built Ritz-Carlton residences, ocean-view subdivisions, ready-to-build home sites with ocean and golf course views, a 27-hole Jack Nicklaus signature-designed golf course and a golf club house.
Overall, the property’s entitlement allows for the construction of as many as 700 residential units. It is located near the Lihue Airport and covers 83 acres of developable land within the 601-acre Kauai Lagoons master-planned community, one of the largest Hawaii construction projects to be interrupted by the recession.
“I enjoy finishing projects, (and) I hope that one day we can build a tribute to (Hemmeter’s) brilliance in creating that and finishing it for the state,” Bushor told the newspaper. “The main concept is to finish the project and help tourism. The economy is back, and Hawaii is firing on all cylinders. It’s really an exciting time for Hawaii.”
The Marriott International subsidiary halted construction at its $1.4 billion Kauai Lagoons resort development in 2008.
The company had multiple brands involved in the project, including 14 Ritz-Carlton Residences, 46 Ritz-Carlton Residences town homes, 72 Ritz-Carlton Club fractional ownership residences, 78 Grand Residences by Marriott, 200 Marriott Vacation Club villas and 50 custom-home lots.
Late last year, Ed Bushor, in partnership with marine artist Wyland, also purchased the Naniloa Volcanoes Resort on the Big Island. The investors paid $5.2 million for the property, which they plan to turn into an environmentally friendly, artistic boutique hotel.
Photo credit: Marriott Vacations Worldwide
Construction Nears for Island Paradise Investments’ $75M Senior Care Community in Waikiki29 Aug 2014, 10:42 pm
Island Paradise Investments of San Francisco will soon break ground on a $75 million, 17-story senior living facility at the entrance to Waikiki on Kalakaua Avenue.
According to Senior Housing News, the Kalakaua Garden will offer 106 assisted-living units, 32 memory care units and 49 skilled nursing beds.
The building will be located at 1723 Kalakaua Ave., across from the Hawaii Convention Center and adjacent to Ala Moana Beach Park.
Amenities will include a garden and water feature on the ground floor, a fourth-floor courtyard, a 1,800-square-foot outdoor exercise area on the sixth floor, as well as a library, fitness center, rehabilitation facilities and common and semi-private dining options.
Island Paradise Investments’ original plan in 2008 called for a residential condominium, but the project stalled in the recession. In 2011, the company opted to develop a senior care community on the site instead.
“The year 2008 marked the beginning of the recession and was the same year that the Kalakaua Garden first began to sell units for the condominium,” Mark Tacazon, assistant marketing manager for the property’s general contractor Swinerton Builders, told Senior Care News. “Also, over the next several years, Hawaii was experiencing the over saturation of newly constructed high-rise condominiums which drove the price up for construction costs and further delayed the project.”
Island Paradise Investments’ project team includes general contractor Swinerton Builders, of San Francisco; HPL Development L.L.C., of San Mateo, Calif.: and Honolulu-based Architects Hawaii Ltd.
Construction is expected to be completed in late 2015.
According to Louis Leong, vice president of HPL Development, the new community’s rental prices will be higher than rates on the mainland, but comparable to prices at similar local properties.
Photo credits: Architects Hawaii
D.R. Horton Division Submits Rezoning Request for Hoopili Master-Planned Community; Avalon Launches Sale of 17 Industrial Parcels25 Aug 2014, 4:45 am
D.R. Horton — Schuler Homes LLC has formally filed a rezoning petition with the city and county of Honolulu’s Department of Planning and Permitting for its 11,750-home Hoopili master-planned community in West Oahu.
According to the Pacific Business News, the Texas-based developer is asking officials to change the land-use designation of a 1,289-acre property from agricultural to urban.
Slated to rise on more than 1,500 acres of land between Kapolei, Ewa and Waipahu, the Hoopili development calls for the construction of single- and multi-family homes, commercial and light industrial space, community facilities, parks, open space, three elementary schools, one middle school and a high school.
Approximately 264 acres will be maintained as agricultural and will be used for commercial agriculture, community gardens, open space and infrastructure. Honolulu-based Group 70 International is the designer of the project.
If approved, the new master-planned community could break ground in 2016. Cameron Nekota, the vice president for D.R. Horton — Schuler Homes, told the newspaper that the first homes could be delivered in 2017.
Opponents of the project argue that the Hoopili development is not the right use for the land and that the state cannot afford to give up such a large area of prime agricultural land for urban use. Furthermore, they claim that traffic could become worse in an already congested area.
In other news, Avalon Development Co. held a blessing ceremony for the long-awaited last phase of the Kapolei Business Park in the heart of Oahu’s “Second City.” The company has also put 17 of the property’s fee-simple industrial lots on the market.
“With the blessing of the site, we begin our multimillion-dollar infrastructure construction. We will begin selling lots in this project while we continue constructing the infrastructure – roads, drainage, sewer, electrical and other improvements – to prepare the property so the new lot owners can build a diverse collection of businesses and facilities,” said Avalon president & CEO Christine Camp.
The Pacific Business News reports that Avalon Development purchased the 54-acre Kapolei Business Park Phase 2 in April for an undisclosed price.
Guy Kidder and Scott Mitchell of Colliers International, the real estate brokerage team that handled the original acquisition of the site, are also brokering the sale of the lots, which range from one to four acres.
The parcels are expected to sell quickly, since there are virtually no similar vacant industrial lots on the Oahu market other than in Kapolei.
Delta Construction is in charge, with the initial $12 million increment of the infrastructure project, which is expected to reach a total contract value of approximately $16 million.
Photo credit: Group 70 International
Maui Officials Green-Light A&B’s 600-Unit Residential Project in Kihei; Larry Ellison Buys Historic Hotel on Lanai9 Aug 2014, 5:11 am
The Maui County Council has granted the final zoning approval for a 600-unit housing project that would spread across 95 acres of land in Kihei on South Maui.
Proposed by A&B Properties, the real estate subsidiary of Alexander & Baldwin Inc., Kihei Residential will bring a mix of single-family and multi-family homes, along with parks, open space and a 1.4-acre commercial center.
The Maui News reports that the council’s approval of the $220 million community was accompanied by a list of conditions, including a requirement that A&B provide vehicle access between the development and any future collector road or potential mauka (inland) bypass.
According to Christopher Benjamin, Alexander & Baldwin president & COO, a significant number of the 600 homes will be affordably priced, and will be among the first to be delivered when the company begins closing sales in 2018. Prices for the new residences are expected to range between $300,000 and $600,000.
The developer’s next steps are to advance engineering and design work for the project and to pursue subdivision approval.
In other news, the Pacific Business News reports that Oracle Corp. CEO Larry Ellison has acquired the historic Hotel Lanai on the Pineapple Island for an undisclosed amount.
Mary Charles, her husband Tom Kiely, and their nephew Mike Charles were the sellers of the property, which comprises the 10-room hotel, a one-bedroom cottage and a 90-seat restaurant called the Lanai City Grille.
“We loved our little business, but it just became so hard to survive,” Mary Charles told the newspaper. “Hotel occupancy for us was great, and in the 90 percent range, but the restaurant business, which is dependent upon the tourism trade, suffered.”
The property dates back to 1923. It was built by James Dole, the developer of the pineapple industry in Hawaii, and was the first and only hotel on the island until 1990.
Larry Ellison owns 98 percent of Lanai, as well as the island’s two Four Seasons-branded resorts, which it purchased from Castle & Cooke Inc. CEO David Murdock. The sale of the properties closed in 2012 for a reported $300 million.
Photo credit: www.hotellanai.com