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Maui Hotel to be SoldApril 21, 2010 By: Jena Tesse Fox
The Hotel Hana-Maui & Honua Spa, an award-winning property on Maui's eastern coast, will reportedly be purchased by a Denver-based real estate investment and development company.
The Honolulu Star-Bulletin reports that Amstar Group LLC expects to take possession of the AAA Four Diamond Award property in May after its deal with the current owner, Ohana Hotel Co., closes for an undisclosed amount. An Amstar subsidiary, Green Tea LLC, will take over management of the iconic 70-room hotel, which opened in 1946.
The fate of the hotel, which had gone on the market for between $60 million and $70 million in 2007, had been uncertain for some time. In the last year or so, along with many other neighbor island properties, the property had seen occupancy drop between 25 and 30 percent.
Although Amstar is new to Hawaii, its $2 billion portfolio includes a mix of office, multifamily and hospitality holdings.