Ka’anapali Golf Courses Sold to Host Hotel & Resorts | News, Sports, Jobs

The Hawaii Employee Retirement System has sold its two Ka’anapali golf courses, equipment and facilities for $ 28 million to Host Hotels & Resorts, the ERS confirmed on Monday afternoon.

Thomas “Thom” Williams, executive director of the ERS, confirmed the sale price in an email. Broadshore Capital Partners, which assumed asset management of the properties in 2015, announced the sale in a press release on Monday. The transaction closed on April 1.

The new owners, Host Hotels & Resorts, will also take over the management of the course assets. The host also owns the Hyatt Regency Maui located nearby.

“The ERS is pleased to sell the Ka’anapali golf courses to Host, a long-time stakeholder and investor in Ka’anapali and a buyer who will be a good steward of the property and resort so dear to the community. from Maui “ said Emmit Kane, Chairman of the Board of Directors of ERS.

The ERS was established in 1926 and provides retiring allowances and other benefits to more than 141,000 retirees, beneficiaries, inactive active members, and active public servants working for the State of Hawaii and the counties of Hawaii, states the Press release. The ERS and its board of directors account for and protect the assets of ERS’s investment portfolio and invest funds to help fund its pension benefits program, the press release added.

Last year, the ERS said it had withdrawn from a project to reconfigure its properties at Ka’anapali Golf Course due to the economic impacts of COVID-19. The plans called for the construction of several golf courses, condominiums and hotels, commercial spaces, recreation areas and other amenities.

The state pension system acquired the property through foreclosure. The project would have been necessary to build 50 affordable homes according to the housing requirements of the county’s workforce.

The two 18-hole public courses consist of the Royal Course, designed by Robert Trent Jones, Sr. and the Kai course, designed by Arthur Jack Snyder. Both courtyards underwent a complete renovation in 2005-2006, according to a press release. There is also an approximately 27,000 square foot two-story driving range and clubhouse with a pro shop and Roy’s restaurant.

Nathan Tyrrell, Director of Investments at Host Hotels & Resorts, said: “The host is excited to expand their investment in the Ka’anapali Beach Resort area with the acquisition of nearly 300 acres of land adjacent to the Hyatt Regency Maui, where we recently completed a transformational renovation. We anticipate short-term potential to generate synergies through creative programming and experiences the station is known for. “

* Melissa Tanji can be contacted at [email protected]

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