Hualalai Resort Sold by Kajima to MSD Capital, L.P. and Rockpoint Group Joint Venture
Ka’upulehu, Big Island of Hawaii, June 2, 2006 — Ka‘upulehu Makai Venture and its Tokyo-based Kajima Corporation affiliates today announced that a joint venture between an affiliate of MSD Capital, L.P., the private investment firm for Michael Dell and his family, and Rockpoint Group, L.L.C., a global investment management firm, has acquired Hualalai Resort on the Big Island of Hawaii. The terms of the transaction were not disclosed. Jones Lang LaSalle Hotels facilitated the sale.
Hualalai at Historic Ka‘upulehu is a master-planned residential resort community on 865 acres along the Kona-Kohala Coast. The property includes the Four Seasons Resort, which will continue to be managed and operated by Four Seasons according to terms of the management agreement already in place.
“Under Kajima’s careful stewardship over the past decade, Hualalai Resort has established itself as one of the world’s premier resorts. The buyer group has demonstrated a deep commitment to Hualalai and to preserving its legacy, and we are delighted this master-planned resort will be in such caring and capable hands going forward," said Eiji Iwahashi, president and CEO of Kajima Kona Company, managing general partner of Ka‘upulehu Makai Venture.
Barry A. Sholem, head of MSD Capital’s Real Estate Group, said, “MSD Capital is very excited to acquire this exceptional property, which will broaden our portfolio of world-class properties, among them the Four Seasons Resort Maui at Wailea, and expand our relationship with Four Seasons. As we look to further enhance the reputation of Hualalai as one of the world’s premier resorts, we will draw on our capabilities as long-term investors, our experience in Hawaii, and our extensive familiarity with the Resort itself.”
MSD Capital’s Real Estate Group is focused on achieving superior, long-term returns through equity and debt investments in properties, portfolios, joint ventures and operating companies. In addition to Hualalai, MSD Capital currently holds two other world-class luxury hotel and resort development properties in its investment portfolio: the Four Seasons Resort Maui at Wailea, and Villas Del Mar at Palmilla in Los Cabos, Mexico.
A senior Rockpoint representative commented: “Rockpoint is committed to continue Kajima’s tradition of excellence at Hualalai. Hualalai is unique, combining in one special location world-class hotel, residential, golf, tennis and spa facilities on more than 800 acres. We look forward to working with the Hualalai staff to maintain the resort’s preeminence.”
"We expect the transition to the MSD Capital/Rockpoint Group joint venture’s ownership will be seamless for all Hualalai Resort employees, homeowners, and hotel guests," said Mr. Iwahashi. "We have been blessed with fabulous employees to date. We wish them and Hualalai continued success under the new ownership. The buyer group has extended offers of employment to all employees, management, and staff. It was very important to Kajima that its loyal employees do not lose their jobs as a result of this sale. They are the heart of Hualalai."
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