The new owners, which include Colony Financial Inc., an affiliate of Barrack’s firm, plan to make additional investments in the luxury property, the companies said in a statement today. The resort, on the island of Maui, will continue to be operated by Marriott International Inc. (MAR) under its Ritz-Carlton brand.

Colony Capital based in Santa Monica, California, and Los Angeles-based Woodridge acquired the property as lodging demand on the Hawaiian islands soars. Hotel occupancy statewide was 80 percent in January, the highest in the U.S., according to Hendersonville, Tennessee-based research company STR.

“With its special character, remarkable location and precious natural resources, the Ritz-Carlton Kapalua is a rare property that would be nearly impossible to duplicate today,” Michael Rosenfeld, Woodridge’s founder, said in the statement.

Lehman Brothers Holdings Inc., once the world’s fourth-largest investment bank, financed the resort before filing for bankruptcy in 2008 and gained control after foreclosing on the loan.

A joint venture of New York-based Goldman Sachs Group Inc. and Gencom Group bought the Ritz-Carlton Kapalua in March 2006 and renovated the property before defaulting in April 2009 on a $260 million loan from Lehman. The resort sits on 54 acres (22 hectares) and has 463 guest rooms and suites. It also features a spa and two championship golf courses, according to its website.

To contact the reporter on this story: Nadja Brandt in Los Angeles at nbrandt@bloomberg.net

To contact the editor responsible for this story: Kara Wetzel at kwetzel@bloomberg.net

http://www.bloomberg.com/news/2014-02-27/colony-woodridge-venture-buys-ritz-carlton-maui-resort.html

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