Famed Mauna Lani Bay Hotel & Bungalows, a Big Island property consistently ranked among the best hotels in the world, has announced that it is undergoing new ownership.
Mauna Lani Resort (Operation), Inc., a subsidiary of Japan's Tokyu Corporation announced it is transferring ownership to DHL Mahi Associates LLC, an affiliate of California-based real estate company, ProspectHill Group. DHL Mahi Associates will acquire all Mauna Lani assets, including the famed resort, the Francis H. Ii Brown Golf Courses, a number of other Hawaiian facilities as well as some undeveloped land.
"While Tokyu Corporation has been deeply honored to help create Mauna Lani - one of the world's best resorts that still stands as a model of innovative planning and thoughtful land stewardship more than 40 years after it was built - the time has come to transfer to a new owner that can help take Mauna Lani into its next era," said Toshiyuki Hoshino, senior managing executive officer at Tokyu Corporation. "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."
ProspectHill Group is no stranger to Hawaii's hospitality industry. In 2015, the company purchased Waikiki's Queen Kapiolani Hotel from $51 million. According to the press announcement, ProspectHill's principal also has experience with Hualalai Resort and Kukio.
"We are proud to continue to advance the tremendous vision of its founders by making further investments into this exceptional property, which is one of the most stunningly beautiful, deeply-treasured destinations on the Kohala Coast of Hawaii's Big Island," said Gregory Hartman, partner of ProspectHill Group. "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."
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According to a press release, the resort expects to continue normal operations "without interruption." Further, it says it expects all 500 employees to be rehired under the new owner.
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