Hawaii set a new state record in commercial real estate sales volume in 2014, realizing approximately $4.5 Billion in sales, surpassing the previous record of $4.3 Billion.
Among the top 5 largest transactions of the year was the sale of Kauai’s Princeville Resort for $343 Million, which occurred back in September, taking 2nd place overall. The 1,103 acres at Princeville Resort in Hanalei, which includes the Prince Golf Course, was sold to billionaire Thai-Chinese businessman Chanchai Ruayrungruang’s company, Reignwood International. More details regarding the Princeville Resort sale can be found HERE.
Subsequent to the sale, Jeff Stone, the developer of the project, unveiled his vision for Phase II of Princeville Resort in Hanalei, which involves investing more than $500 Million that will, according to Stone, “create a private community where the members will agree to pay to be great stewards, to maintain the land.” The development is reported to consist of “equestrian homes” near the old Anini polo fields, 75 5-acre homes along the ridge, and an additional 173 unites closer in to the golf course. The award-winning Prince Golf Course, which has historically been open to the public, will now be made a private. More information regarding the proposed development can be found HERE and HERE.
Rounding out the top five sales that contributed to Hawaii’s record-setting year were:
#1 – Leasehold sale of Royal Hawaiian Center in Waikiki for $697 Million
#3 – Wailea Beach Resort Hotel sale for $325.7 Million
#4 – Kahala Hotel and Resort for $282 Million
#5 – Town Center of Mililani for $227 Million
The original article reporting the Hawaii state sales activity for the year can be found here: