Pacific Business News reports that The St. Regis Princeville Resort and the Makai Golf Club on Kauai’s North Shore have been listed for sale by the real estate investment banking firm Eastdil Secured. The property’s are owned by the L.A. County Employees Retirement Association, which purchased the 251-room hotel back in 2005, at the same time local developer Jeff Stone closed on its acquisition of the Princeville at Hanalei Resort. In 2009, the Princeville Resort was rebranded as Hawaii’s only St. Regis hotel, after undergoing an extensive renovation. The hotel originally opened back in 1986 as a Sheraton. The 18-hole Makai Golf Club at the St. Regis originally opened back in 1971 and was redesigned in 2009, at the same time the St. Regis hotel underwent its renovation.
Starwood Hotels and Resorts manages the St. Regis hotel. An official with Starwood/Marriott Hawaii said the following regarding the reason the hotel is up for sale at this time:
“The owners of The St. Regis Princeville Resort are gauging interest in the resort and evaluating the value of their assets… The St. Regis Princeville Resort has experienced several years of improving performance…. When a property or asset experiences this type of success, it is common practice for ownership to be proactive in reassessing value… This does not mean that the property will be sold; however, it is an essential part of the investment process… At this time and looking ahead, we expect business to continue as usual here at the resort and no changes to staffing and operations are anticipated,” the company said.”
Jeff Stone told PBN that the L.A. County Employees Retirement Association hired Eastdil Secured to find a buyer for the St. Regis hotel because Starwood’s 10-year management agreement is set to expire in May.
The St. Regis is currently one of the largest employers on Kauai with 499 employees, according to PBN.
Fore more information, the full Pacific Business News articles covering this issue can be found here: