Jones Lang LaSalle Arranges Sale of Makena Resort
FEBRUARY 13, 2007. Largest Sale of 2007 Also Marks a New Height for Hawaii Jones Lang LaSalle Hotels used expertise in capital markets, multifamily practice, and development & asset strategy to arrange the sale of the Makena Resort, located on Maui's southern coast, on behalf of Lokelani Resort Corp., Maui Prince Hotel LLC, and Makena Wastewater Corp. to Morgan Stanley Real Estate Fund V US, Trinity Investments, LLC and Dowling Company, Inc. The sale included the 310-room Maui Prince Hotel, two 18-hole, Robert Trent Jones, Jr.-designed Makena Golf Courses, approximately 1,317 acres of vacant land, and the stock of Makena Wastewater Corp.
Makena Resort, meaning "abundance," has great fundamentals and presents excellent opportunities which mirror and even transcend the success of nearby Wailea. The Resort's location on Maui's southern coastline, coupled with its gentle, inclined slope from the ocean's edge, creates spectacular ocean views and an irreplaceable location.
"All of Hawaii's, and in particular Maui's, hotel markets are white hot both from a capital and guest demand perspective," said Arthur Buser, managing director for Jones Lang LaSalle Hotels, who arranged the transaction. "With 45 tours and 17 bids in the first round, the market spoke: Nothing ocean-front will ever trade below $1M a key, all in."
"Makena's unique combination of exceptional location, unparallel view corridors of the Pacific Ocean and a plethora of readily developable acreage attracted a multitude of land developers looking to create the premier residential and resort destination on the island of Maui," said Scott H. Miller, an executive vice president of development and asset strategy for Jones Lang LaSalle.
"While some residential markets have cooled as of late, the premier residential communities in Hawaii continue to experience increases in value. Makena is a world-class destination that will set a new standard for luxury housing in Maui," said Jeff Morris, managing director of capital markets for Jones Lang LaSalle. "Our providing clarity for the entitlements and value in harmony with the needs of the community resulted in the right buyer, with the right concept, as the winner."
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