KOHALA COAST, Hawaii – The 8,000-square foot Hapuna Villa and 96 of the Hapuna Beach Prince Hotel’s 350 guest rooms have been sold.
Mauna Kea Resort Services LLC, which is an affiliate of Prince Resorts Hawaii Inc., announced today that is has closed the sale to an affiliate of Angelo Gordon & Co. and development partner West Point Investment Corporation.
According to a Prince Resorts media release:
Proceeds from the sale will be used to fund renovations of the hotel’s public areas and remaining 254 guest rooms, enhance The Club at Mauna Kea amenities, and fund improvements to the golf club and fitness facilities at Hapuna Beach Prince Hotel. Additionally, renovations and enhanced programming in food and beverage will deliver elevated offerings and unique experiences for hotel guests and the community.
“This deal comes at an ideal time as Hapuna Beach Prince Hotel embarks on an exciting future,” said Mauna Kea Resort vice president of operations, Craig Anderson, in the release. “The new business model means continuation of good jobs for our team members and a beautiful hotel for guests to enjoy for years to come.”
All 351 guestrooms at the Hapuna Beach Prince Hotel will continue to be operated by Prince Resorts Hawaii for the next 12 months, “while plans are prepared by the development team for conversion of the 96 guestrooms into new 5-star resort residences within one of Hawaii’s most admired resorts,” the company says.
Prince Resorts Hawaii Inc., also operates the Mauna Kea Beach Hotel and Golf Course at Mauna Kea Resort, as well as The Hawaii Prince Hotel Waikiki and Golf Club on the Island of Oahu.
The announcement comes on a busy day of news on Hawaii Island’s “Gold Coast”. Earlier today, the iconic Kona Village Resort announced it will reopen, after Kamehameha Schools and Kennedy Wilson reached a final agreement on a ground lease of the resort property.