REVISED RITZ-CARLTON RENOVATION PLAN
January 17th, 2007The Ritz Carlton Kapalua has made some modifications to their renovation plans .
An investment partnership that bought the Ritz-Carlton Kapalua last year plans to sell 107 units in the hotel to individual buyers as part of a revised renovation plan for the luxury Maui property. The hotel's owner said it plans to spend $95 million on upgrades that will involve closing the hotel from July 2 to Dec. 15 and reducing the number of units from 548 to 470 as many one-bedroom units are expanded with second bedrooms. Kitchenettes are also being added to units. Prices are expected to start at $895,000 for the 107 suites with one or two bedrooms, though it hasn't been determined whether units will be sold fee-simple or leasehold, given that the hotel is on land leased to Maui Land & Pineapple Co.
It is not at all clear just how these units could be sold as anything other than leasehold without the purchase of the lease from Maui Land & Pineapple.
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