Lender Takes Ownership of Makena Beach and Golf Resort

AREA Property Partners, formerly known as Apollo Real Estate Advisors, has assumed ownership of Hawaii’s Makena Beach and Golf Resort from the lender, completing the foreclosure process. The international real estate investor and fund manager will own the property in a joint venture with Trinity Investments LLC, a hotel investor and operator, and Stanford Carr Development LLC, a Honolulu-based residential development firm, reports GlobeSt.com, a real estate website.

Located on the south shore of Maui, the Makena Beach and Golf Resort is a 1,800-acre property with a hotel that has 310 guestrooms and suites overlooking the Pacific Ocean, two 18-hole, Robert Trent Jones Jr. championship golf courses, and 1,300 acres of land with entitlements for residential development.

The property went into foreclosure in September 2009 and was sold in a recent foreclosure auction, with the lender being the winning bidder for the property. AREA, an investor in the lending trust, worked with the lender from the start of foreclosure to ensure that the hotel stayed open and guests continued to enjoy the resort experience, and was designated to assume ownership by the lender.

According to Bradford Wildauer, a partner at AREA, “we plan to revitalize Makena so that it continues to be a premier destination resort.” The property will continue to operate as Makena Beach and Golf Resort.

AREA and Trinity have a successful track record of joint investment in luxury resort properties in Hawaii, including current ownership of the Kahala Hotel and Resort on Oahu and previous ownership of the Fairmont Kea Lani Resort and Embassy Suites Kaanapali, both on Maui.

Tags: AREA Property Partners Makena Beach and Golf Resort Trinity Investments LLC