Kaanapali Golf Courses sold to Host Hotels & Resorts
LAHAINA — Broadshore Capital Partners, on behalf of the Employees’ Retirement System of the State of Hawaii (ERS), recently announced the sale of the Kaanapali Golf Courses — comprising 305 acres with two 18-hole golf courses, amenities and facilities — to Host Hotels & Resorts (Host), which closed on April 1, 2021.
The ERS has owned the courses since 2003, with Broadshore assuming asset management of the properties in 2015. Host, the owner of the nearby Hyatt Regency Maui, will assume ownership and asset management of these popular public golf courses.
“The ERS is pleased to sell the Kaanapali Golf Courses to Host, a long-term stakeholder and investor in Kaanapali and a buyer who will be a good steward to the property and resort that is so cherished by the Maui community,” said Emmit Kane, chairman of the ERS Board of Trustees.
The two 18-hole public courses are composed of the Royal Course designed by Robert Trent Jones Sr. and the Kai course designed by Arthur Jack Snyder.
Both courses underwent a comprehensive renovation in 2005-06. In addition, there is a driving range serving both courses.
A two-story, approximately 27,000-square-foot clubhouse with pro shop and a Roy’s restaurant serve as amenities for golfers as well as locals and visitors to this prominent resort location.
Nathan Tyrrell, chief investment officer at Host Hotels & Resorts, said, “Host is excited to expand our investment in the Kaanapali Beach Resort area through the acquisition of nearly 300 acres of land adjacent to the Hyatt Regency Maui, where we recently completed a transformational renovation. We anticipate near-term potential to generate synergies through creative programming and experiences for which the resort is known.”
The Kaanapali Golf Courses, located at 2990 Kaanapali Parkway, were originally constructed in the late 1960s and early 1970s and are a key component in this master-planned community and resort area.
The Royal Course is one of only two courses in Hawaii designed by Jones.
The courses will continue to be managed by Indigo Golf Partners (formerly Billy Casper Golf Management) of Reston, VA, a brand under Troon’s family of brands, following the sale.
“Broadshore has appreciated the opportunity to work with the ERS over the past six years and to execute on their plan to ensure that the Kaanapali Golf Courses remain a benefit to the community and are passed on to someone who is aligned with their vision,” noted Russell Munn, managing director, Broadshore.
“We look forward to future opportunities to work together.”
Host Hotels & Resorts Inc., an S&P 500 company, is the largest lodging real estate investment trust and one of the largest owners of luxury and upper-upscale hotels.
The company currently owns 77 properties in the United States and five properties internationally totaling approximately 47,200 rooms.
The company also holds non-controlling interests in six domestic and one international joint ventures.