Jones Lang LaSalle Reveals Hanalei Sale
APRIL 3, 2008. On behalf of a partnership between Morgan Stanley and The Resort Group, Jones Lang LaSalle Hotels has announced the sale of the Hanalei Plantation Site to Ohana Hanalei, LLC, an affiliate of Montage Hotels & Resorts.
This fee-simple site totals 122 acres on the north shore of Kauai and is considered to be the most acclaimed oceanfront in the Hawaiian Islands.
The transaction includes a number of connected parcels adjacent to Hanalei Bay and the Princeville Hotel. The site faces the Hanalei River and the former site of the world-renown Hanalei Plantation Hotel.
The sale also includes the historic Kamo'omaika'i fishpond, with long-term plans for restoration under consideration. A half-acre parcel across the river from the Hanalei Plantation site, next to Black Pot Park, will continue to be used by Namolokama O' Hanalei Canoe Club, with long-term use to be decided by a joint planning effort of the owners, the county and the community.
"The existing Princeville Resort offers the tremendous benefit of already providing unequalled amenities and valuable infrastructure that would be very costly to build," said Art Buser, president, lodging capital markets, for Jones Lang LaSalle Hotels.
"This sale represented an unparalleled development opportunity to expand under existing entitlements," said Scott Miller, managing director, development & asset strategy, for Jones Lang LaSalle. "By developing hospitality and residential usage, Ohana Hanalei, LLC, as the new steward, could have a chance to capitalize on the demand for the highly sought-after Hanalei oceanfront and views in order to maximize sales velocity and revenues."
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