Ownership of the Mauna Lani Bay Hotel & Bungalows on Hawaii Island is being transferred to an affiliate of a California-based real estate agency.
Mauna Lani Resort Inc., a subsidiary of Tokyu Corporation announced the change in ownership Saturday. DHL Mahi Associates LLC, an affiliate of California company ProspectHill Group, is now the owners of the luxury resort.
"We are confident in ProspectHill Group's ability to build on our former chairman Mr. Noboru Gotoh's vision to transform what was once a center of native Hawaiian community life into a world-class resort, delighting guests from around the globe," Senior Managing Executive Officer Toshiyuki Hoshino said.
The golf course is also included in the ownership transfer.
The company says employees will have to reapply for their jobs, but nearly all 500 of them are expected to retain their jobs under the new ownership.
We take seriously our responsibility to honor the legacy of Mauna Lani and to continue to preserve and protect this special place for generations to come," Gregory Hartman, partner of ProspectHill Group said.