HONOLULU, LOS ANGELES & NEW YORK--(BUSINESS WIRE)--
A new joint venture among funds managed by the real estate group of Ares
Management, L.P. (NYSE:ARES), SMW Hospitality LLC (a joint venture
between affiliates of Square Mile Capital Management LLC and Wafra
Investment Advisory Group) and Trinity Investments, LLC today announced
the acquisition of The Ritz-Carlton, Kapalua in Maui, Hawaii. The resort
was acquired from a partnership between Woodridge Capital Partners, LLC
and Colony Capital Inc.
The Ritz-Carlton, Kapalua is a AAA Five Diamond, oceanfront property
located on 49 acres of Maui’s lush northwest shore. The hotel is part of
the 23,000-acre master planned Kapalua resort on Maui, home to the
celebrated Kapalua Wine and Food Festival and the PGA Tour’s Tournament
of Champions event. The resort is renowned for its world-class golf
courses, an award-winning tennis facility, golden sand beaches and a
myriad of restaurants and shops.
“This acquisition of The Ritz-Carlton, Kapalua represents a significant
opportunity to invest in one of Hawaii’s most highly-acclaimed resorts,
and it fits squarely in our opportunistic strategy that focuses on
development and redevelopment, with planned upgrades to further improve
the guest experience for both leisure and group customers,” said Andrew
Holm, Managing Director in the Ares Real Estate Group. “This project
continues our long history of partnering with Trinity, which Ares has
worked with in Hawaiian hospitality over 20 years on more than $1.2
billion in real estate investments, as well as our longstanding
relationship with The Ritz Carlton’s parent company, Marriott.”
“The Ritz-Carlton is one of Maui’s iconic properties and it’s a welcome
addition to our hotel investment portfolio,” said Managing Director
Nolan Hecht of Square Mile Capital Management, LLC, on behalf of SMW
Hospitality. “It also represents our entry into Hawaii in spectacular
fashion, alongside two great partners in Ares Management and Trinity
Investments.”
“We are excited to partner with Ares and SMW Hospitality to acquire one
of Hawaii’s iconic luxury hotels,” said Sean Hehir, President and CEO of
Trinity Investments. "Having invested in hotel properties across Hawaii
since our inception, we are intimately familiar with the market's
nuances and demand drivers. This transaction represents a unique
opportunity to own a marquee hotel that will benefit greatly from our
ownership experience and proven operating platform.”
The Ritz-Carlton, Kapalua is comprised of 297 guest rooms as well as 107
condos within a dedicated wing of the hotel. Known as the Residences,
the one- and two-bedroom condos have recently been renovated and feature
contemporary furnishings and enhanced kitchens. As part of its strategy
to enhance the guest experience, the joint venture plans to renovate the
hotel’s common areas and guest rooms.
The Ritz-Carlton, Kapalua amenities include a 17,500-square-foot spa
with 15 treatment rooms, an iconic three-tiered swimming pool, a fitness
center, a 4,844-square-foot retail arcade, priority access to two
championship golf courses (The Bay Course and The Plantation Course) and
instruction at Kapalua Golf Academy, as well as access to amenities
within Kapalua Resort, including tennis courts, two marine sanctuaries,
beaches, shopping, and dining. The property also features 32,000 square
feet of meeting space in addition to restaurants including The Banyan
Tree, Kai Sushi, The Beach House, Alaloa Lounge, The Pool Bar & Café,
The Terrace, and Aina Gourmet Market.
About Ares Management, L.P.
Ares Management, L.P. is a publicly traded, leading global alternative
asset manager with approximately $97 billion of assets under management
as of September 30, 2016 and more than 15 offices in the United States,
Europe and Asia. Since its inception in 1997, Ares has adhered to a
disciplined investment philosophy that focuses on delivering strong
risk-adjusted investment returns throughout market cycles. Ares believes
each of its three distinct but complementary investment groups in
Credit, Private Equity and Real Estate is a market leader based on
assets under management and investment performance. Ares was built upon
the fundamental principle that each group benefits from being part of
the greater whole. For more information, visit www.aresmgmt.com.
About Square Mile Capital Management, LLC
Square Mile Capital Management LLC is an integrated institutional real
estate finance and investment management firm based in New York. Square
Mile's large U.S. footprint, enhanced by the firm's strategic
partnership with USAA Real Estate Company, enables Square Mile to
leverage proprietary market insights through a unified sourcing and
investment philosophy that positions the firm to capitalize upon
opportunities through all phases of the commercial real estate cycle.
Square Mile's opportunistic investment platform takes a value oriented
approach to its activities, with an emphasis on opportunities to acquire
or capitalize real estate assets or enterprises that are undervalued,
complex or undercapitalized. Square Mile's commercial real estate debt
platform provides customized capital solutions for real estate owners
and developers throughout the United States. http://www.squaremilecapital.com.
About Trinity Investments, LLC
Trinity Investments, LLC is a private real estate investment firm with a
20-year history of generating value-added returns. With considerable
expertise covering the full spectrum of property investment, development
and value-enhancing asset management, Trinity generates unique and
opportunistic real estate investments in world-class markets. The firm’s
pursuits span an array of geographic locations and asset types but share
the commonality of being predicated upon best-in-class local
relationships and teams of professionals for sourcing, execution and
exiting. Headquartered in Honolulu, Hawaii, Trinity maintains offices in
New York, Tokyo and Mexico City.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161121005229/en/
For Ares Management:
Media:
Mendel Communications
Bill
Mendel, 212-397-1030
[email protected]
or
Investors:
Carl
Drake, 800-340-6497
[email protected]
or
For
Square Mile Capital:
Rubenstein
Rick Matthews, 212-843-8267
[email protected]
or
For
Trinity Investments:
ICR, Inc.
Jason Chudoba, 646-277-1249
[email protected]
or
Angela
Bonnici, 646-277-1276
[email protected]
Source: Ares Management, L.P.
