Delaware entity bids $55M for Ritz-Carlton Club and Residences at Maui’s Kapalua Bay Pacific Business News Date: Wednesday, December 5, 2012
A lending entity registered in Delaware bid $55 million at a
foreclosure auction on Maui for 61 residential and commercial units and
more than 500 club interests at the Ritz-Carlton Club and Residences at
Kapalua Bay.
The Maui News reports
Island Acquisitions Kapalua LLC offered the highest bid at Monday's
auction for the property. The newspaper reports the entity is a lending
entity that purchased a portion of the lender's interests, according to
Honolulu attorney George Van Buren, the appointed commissioner in the case, who said the winning bid must still be confirmed by a judge.
Island Acquisitions Kapalua LLC was registered in Delaware on Nov.
28, according to that state's Division of Corporations website.
A total of $304 million was owed in principal, interest and fees
on the 56 residential units and five commercial units at the
Ritz-Carlton Residences and the 567 club interests in the Ritz-Carlton
Club.
The Maui News reports that the resort's management company
Ritz-Carlton, which is owned by Marriott International (NYSE: MAR)
recently extended its deadline to pull out of the project to Dec. 31.
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