The Montage Kapalua Bay, one of Maui’s top luxury hotels, has been acquired by KWC Management LLC, the hospitality investment management company of Kemmons Wilson Companies.
Details about the transaction, including a sales price, were not immediately available. It was a property sale and the brand will remain the same. KWC Management announced the transaction Wednesday; however, the deal was in the works for months.
Webb Wilson, CEO of KWC Management, said in a statement, “Since first visiting Hawaii in the early 1980s, we have held a profound respect for the islands, their culture and people, and we have grown only more intrigued through the process of making Montage Kapalua Bay part of our portfolio.”
“In light of the current tragedy, we grieve for the people of Maui,” Wilson said. “We intend to find ways to be involved in caring for the displaced residents and community of West Maui.”
Kemmons Wilson, the founding enterprise behind the Holiday Inns hotel chain, Holiday Inn Club Vacations and its affiliated companies, have invested nearly $2 billion in hospitality-related acquisitions. They own and/or manage over 100 hospitality assets globally.
The all-suite Montage Kapalua Bay sits on 24 oceanfront acres in northwest Maui. It opened in 2014 following a $15 million renovation of the former Residences at Kapalua Bay. The resort includes 146 residential-style, multi-bedroom suites, a spa, and four restaurants.
Keith Vieira, principal of KV &Associates, Hospitality Consulting, said property sales are generally good for Hawaii because a new investor owner often will make investments and reposition the property with substantial marketing, which is good for the overall destination.
Vieira said new investment shows a level of optimism that Maui tourism will rebound from the economic downturn since the Aug. 8 wildfires.
“Kapalua is the upscale area of West Maui. It’s very different from other parts of Maui that are more beachfocused. Over time, Maui will rebound. Demand will recover as it rebuilds,” he said.
