The Montage Residence Kapalua Bay, Maui is set to makes its elegant debut on June 1, 2014.
CALL US Jeannie Kong 808-276-1832 or Heleena Oliveira 808-270-1951 for more info. They are taking non binding reservations on these luxury condos.
Situated on approximately 24 acres overlooking the legendary Kapalua Bay. The Montage Kapalua Bay on Maui has started a $15 million renovation to convert the former Residences at Kapalua Bay to a 56-residence and 50-room all-suite hotel. The Maui News reports that the resort will also include a dining establishment called Cane & Canoe, a bar and convenience store, Mahana Market ( that opened last month). The property was formerly branded the Ritz-Carlton Club and Residences at Kapalua Bay.
History of the Ritz-Carleton Club and Residences at Kapalua Bay: This was formerly the Kapalua Bay Hotel. A favorite amongst visitors and locals alike due to its ambience, location and history. It was demolished and from that emerged The Ritz-Carleton Club and Residences at Kapulua Bay. The unfortunate victim of bad timing, it opened in May 2009 with much fanfare but disappointing sales. It did not develop enough sales to sustain its viability. Originally it had 84 whole ownership fee simple condo residences and 62 fractional ownerships. Starting price for fee simple at that time was in the high two million range and went up to over 9 million. 13 of 82 of these whole ownership units were sold. The last sold in Oct. of 2011 at $2,850,000. Another 15 units sold to a commercial entity whose business is vacation rentals called Exclusive Resorts. Interior square footage ranging from approx. 2904 SF to approx. 4271 SF. Three to Four bedroom units.
Then the harsh reality set in. In the beginning of 2013 the remaining inventory of condos and undivided interests on condominiums in the Kapalua Bay Vacation Ownership Project, commercial entities, and leasehold ownership where the Kapalua Spa is located were foreclosed upon and the confirmation hearing was scheduled on Jan. 31, 2013 and garnered 100 Million dollars at the auction. An affiliate of Dallas-based Lantern Asset Management (which is owned by Centerbridge Capital Partners) bid a reported $100 million and won the bid. It was reported that the bidding started at 58 million.
The Montage Residence Kapalua Bay -The Near Future: The future was a bit uncertain but being located on one of the worlds best beaches and places on earth, it was only a matter of time before a new owner would emerge. Montage Hotels & Resorts was appointed to manage the hotel and residences by Lantern Asset Management on behalf of the resort’s ownership group. An affiliate of Lantern Asset Management was the high bidder at a foreclosure hearing in January 2013. Hawaii entrepreneur and Internet entrepreneur Pierre Omidyar, (founder of eBay Inc) .and Honolulu Civil Beat, is an investor in Montage Hotels & Resorts.
The company’s plans include offering 56 Montage branded residences for sale, and offering a 50-room all-suite Montage hotel. They are currently taking non binding reservations. They will not be offering any fractional ownerships as those units have been absorbed into the hotel inventory. The Montage Hotel and Resorts has respectfully gained their reputation for their luxury resorts and offering unique experience that tailors itself to its very special locales. Other properties in their collection include Montage Laguna Beach, Montage Beverly Hills, and Montage Deer Valley.
I have confidence that this property will be one of the most desirable properties in Hawaii and definitely on Maui. I visited the property again about a month ago to refresh my memory. It is still being operated as Residences at Kapalua Bay. They won’t brand it as Montage until most of the renovations have occurred in order to meet the Montgage standards. The former Kapalua Spa is also being run by Montage. These luxury residences, all oceanfront units with exquisite interiors and inspiring ocean views will surely please the most discriminating buyer.
Kapalua, Maui. PGA Golf Course, some of the worlds best beaches, multi million dollar estates, and simply breathtaking views of ocean and mountains.
Here is one of the best deals for homes in Kapalua. Lowest priced custom home on near half acre at Pineapple Hill Estates. Visit www.116Pulelehua.com
Call us today for more information on Kapalua Resort, Kapalua Real Estate and The Montage Residence Kapalua Bay, Maui. We are here to be of service so please don’t hesitate to call or email us, anytime!
CALL US Today! Jeannie Kong Realtor (S) 808-276-1832 or Heleena Oliveira Realtor (S) 808-270-1951 for more info.
To stay updated on Maui Real Estate Market News and all things Maui, subscribe to this blog. It is updated on a regular basis.
Subscribe to www:LivingOnMauiNow.com
A hui hou…