An 18.5-acre parcel at the Princeville Resort has been sold to a timeshare developer for $50 million. The lot is zoned for resort use and has been on the market for a long time. Princeville Corporation recently announced the sale
An 18.5-acre parcel at the Princeville Resort has been sold to a timeshare developer for $50 million.
The lot is zoned for resort use and has been on the market for a long time.
Princeville Corporation recently announced the sale to Starwood Vacation Ownership, Inc. Another Starwood subsidiary manages the Princeville Resort.
The site is on a bluff overlooking ‘Anini Beach.
Following discussions with representatives of the community and local government the developer has agreed to set buildings back 100 feet from the property line, said Stephanie Kaluahine Reid, director of public relations for Princeville Corporation.
County planning director Dee Crowell suggested a 55-foot setback, Reid said. The timeshare buildings will not be visible from ‘Anini Beach Park, she said.
The parcel is known at Princeville as Lot 25 and has been the site of community gatherings including May Day by the Bay. The parcel is zoned to allow up to 740 hotel units, or over 300 timeshare units, Reid said.
It is not known yet how many timeshare units the developer is planning. Conceptual development plans are expected to be released in about two months with a groundbreaking possible in fall 2003, said Reid.
The site is at the end of Wyllie Road, near Puamana Condominiums and Ka’eo Kai condominiums. The parcel is situated between the Prince and Makai golf courses.
Starwood Vacation Ownership, Inc. has plans to build a luxury vacation ownership resort on the site. The resort is not far from the Princeville Resort, Starwood Hotels & Resorts Worldwide, Inc.’s (NYSE: HOT) 252-room hotel set on Pua Po’a Point overlooking Hanalei Bay. The hotel is one of Starwood’s 17 hotel locations in Hawai’i.
“We are very excited to welcome Starwood Vacation Ownership to Princeville,” stated Shiro Yasuno, Princeville Corporation president.
“Starwood Hotels & Resorts has managed the Princeville Resort for 17 years. We have established a world-class resort under Starwood’s management, and we look forward to our continued relationship with this renowned hospitality company,” Yasuno said.
The newly planned resort will become part of the Starwood Vacation Network. The exchange program gives members access to all Sheraton and Westin Vacation Ownership resorts and to Starwood Hotels & Resorts Worldwide’s 740 properties.
“It is an honor to be associated with a world-class organization such as the Princeville Corporation,” said Jeffrey A. Adler, president and co-chief executive officer of Starwood Vacation Ownership, Inc.
“Starwood has a long and successful history in Hawai’i, and we are excited to bring another luxury vacation ownership resort to the islands,” said Adler.
Starwood Hotels & Resorts Worldwide, Inc. has over 740 properties in more than 80 countries, and 110,000 employees at its owned and managed properties.
Princeville Corporation is a privately owned real estate development and sales company that owns and operates the Princeville Resort, Princeville Golf Club (including the Prince Course and Makai Golf Course), Princeville Health Club & Spa, and Princeville Shopping Center.
Princeville Corporation is owned by three Japanese companies: Suntory Limited, the majority shareholder; Mitsui & Co. Ltd. and Nippon Shinpan & Co., Ltd. are equal shareholders. Headquarters for Princeville Corporation is in the Princeville Shopping Center.
On the Net: www.starwood.com.
Staff Writer Paul C. Curtis can be reached at mailto:pcurtis@pulitzer.net or 245-3681 (ext. 224).
