Princeville Associates sold 122 acres of fee simple land at Hanalei Plantation on the North Shore to Ohana Hanalei LLC, which eventually plans to build a resort on the property. Ohana Hanalei is an affiliate of Montage Hotels & Resorts.
Princeville Associates sold 122 acres of fee simple land at Hanalei Plantation on the North Shore to Ohana Hanalei LLC, which eventually plans to build a resort on the property.
Ohana Hanalei is an affiliate of Montage Hotels & Resorts. Terms of the transaction, which closed Monday, were not disclosed.
The transaction includes a number of connected parcels adjacent to Hanalei Bay and the Princeville Hotel and fronting the Hanalei River as well as the former site of the Hanalei Plantation Hotel, according to a company statement.
The sale also includes the Kamo‘omaika‘i fishpond, with long-term plans for restoration under consideration. A half-acre parcel across the river from the Hanalei Plantation site, next to Black Pot Park, will continue to be used by Namolokama O Hanalei Canoe Club, with long-term use decided by a joint planning effort of the owners, the county and the community.
Montage has no immediate plans or a timetable for development, but the company eventually intends to build a resort there.
“We have been seeking strategic alliances to help in the restoration and revitalization of various parts of Princeville and Hanalei. Montage, with its proven understanding of special places and ability to deliver highly personalized services, was a natural fit to join Princeville Associates and the resort’s other projects under restoration,” Jeff Stone, president of Princeville Associates, said in a press release.
“We take our new role as a steward of this precious land very seriously and we will move slowly and with great care,” Alan Fuerstman, founder and CEO of Montage Hotels & Resorts, said in the release.
Montage Hotels & Resorts is an ultra-luxury hotel and resort management company. Its flagship oceanfront resort, Montage Laguna Beach, opened in February 2003 in Laguna Beach, Calif. The company’s second property, Montage Beverly Hills, opens in the fall of 2008. There are other projects under construction in Utah, Mexico and the Bahamas.
