Maui Land & Pineapple Company, Inc. Purchases Interest in Ritz-Carlton, Kapalua
MAUI, HI, March 29, 2007. Maui Land & Pineapple Company, Inc. (ML&P) (AMEX:MLP), today announced the acquisition of an interest in the partnership that owns The Ritz-Carlton, Kapalua. In the transaction, ML&P sold the leased land underlying The Ritz-Carlton, Kapalua to owners, Kapalua/Gengate Holdings, LLC, in return for $25 million and a 21.43 percent ownership interest in the hotel.
'As a partner in The Ritz-Carlton, Kapalua we can carefully sequence our development programs and ensure that our residents and guests ultimately enjoy a seamless array of premium services throughout Kapalua Resort,' said David C. Cole, Chairman, President & CEO of ML&P. 'The Ritz-Carlton, Kapalua joins the Kapalua Bay Residences, The Kapalua Gold Villas, Honolua Village, and Kapalua Mauka as part of an integrated resort experience at ML&P's 23,000 acre master planned community in West Maui.'
In 2005, ML&P acquired a 51 percent interest in the Kapalua Bay Hotel and commenced redevelopment of the property in 2006 as part of a broader plan to modernize and move the well-known resort up market.
Earlier this year, The Ritz-Carlton, Kapalua announced that it will close for extensive renovations in July 2007.
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 
