Maui Prince sale could be one of state's biggest deals
The Seibu Group of Japan announced this week that it is selling the Maui Prince Hotel, two 18-hole golf courses and land zoned for development at Makena.
In a statement, Prince Resorts Hawaii said Seibu is "taking advantage of Hawaii's booming real estate market" by selling the hotel, golf courses and land that comprise the Makena Resort at South Maui.
The price was not listed but the hotel and land could represent one of the biggest sales in Hawaii this year.
The resort’s new owner likely will have to make significant improvements and upgrades. The 310-room hotel opened in 1986 but because of the financial troubles of its owner has had little refreshing in its 20 years of operation, making it difficult to compete with ultra-upscale neighbors like the Grand Wailea Resort.
Seibu has owned the 1,800-acre resort for more than 30 years and played a major role in developing the Makena area. The company had extensive plans for creating a high-end golf-resort, but abandoned most of those planes once the Japanese economy collapsed in the early 1990s.
Because of Seibu’s long-standing financial troubles at home, tourism industry observers have been expecting a sale of some of its Hawaii assets for the past two years.
In the statement, Donn Takahashi, president of Price Resorts Hawaii, said Seibu’s other properties, including the Mauna Kea Beach Hotel, Hapuna Hotel Waikiki, will not be sold.
Seibu has retained Jones Lang LaSalle to handle the sale.
Even more attractive than the hotel and the golf courses are more than 1,000 acres zoned for development. The Wailea and Makena areas are booming with new homes costing well into the millions and there is high demand for even more.