AREA Property Partners has assumed ownership of Hawaii's Makena Beach and Golf Resort from the lender, completing the foreclosure process. AREA, an international real estate investor and fund manager, will own the property in a joint venture with Trinity Investments, LLC and Stanford Carr Development, LLC, a Honolulu-based residential development firm.
Located on the south shore of Maui, the Makena Beach and Golf Resort is a 1,800-acre property with a hotel that has 310 guestrooms and suites overlooking the Pacific Ocean, two 18-hole, Robert Trent Jones Jr. championship golf courses, and 1,300 acres of land with entitlements for residential development.
The property went into foreclosure in September 2009 and was sold in a recent foreclosure auction, with the lender being the winning bidder for the property. AREA, an investor in the lending trust, worked with the lender from the start of foreclosure to ensure that the hotel stayed open and guests continued to enjoy the resort experience, and was designated to assume ownership by the lender.
