WAILUKU, Hawaii (AP) - A California commercial real estate firm says the 50-year-old Maui Lu Resort sold for more than $60 million.
When the 28-acre Kihei property was sold to Tokyo-based Capbridge Group, terms of the sale were not disclosed.
The Maui News reported Friday that when Beverly Hills, California firm Maxxam Enterprises announced the completion of the sale this week, it noted the price was reported to be in the upper-$60 million range.
Capbridge is collaborating with Hilton Grand Vacations on a $300 million time-share redevelopment of the property. It was once known for its bungalows, pitch-and-putt golf course and social hall.
Capbridge says groundbreaking is expected late next year. The time-share resort is expected to open in 2017.
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