Investment Group Acquires Ritz-Carlton, Kapalua
$40 million Renovation Planned
MIAMI, FL, March 14, 2006. A partnership consisting of The Gencom Group, Highgate Holdings and Whitehall Street Global Real Estate Limited Partnership 2005, as well as its affiliates, have acquired The Ritz-Carlton, Kapalua resort on Maui's northwest shore. The 548-room, 5-diamond property, which sits on a 23,000-acre plantation that overlooks the Pacific Ocean, is Hawaii's premier golf resort hotel. Resort guests enjoy priority access to three championship golf courses that surround the property, including the Plantation Course, which is home to the prestigious Mercedes Championship that kicks off the PGA Tour schedule each January. The property will continue to be branded and managed by The Ritz-Carlton Hotel Company, L.L.C. and will be asset managed by a Gencom affiliate. The seller was represented by Eastdil Secured.
The ownership group is planning a $40 million renovation including full room renovations throughout the hotel, an expansion of the existing 7,000 square foot spa and decor replacement throughout common areas.
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
