March 30, 2011

Maui Ritz Carlton to be auctioned

Maui Ritz-Carlton to be sold at auction

Pacific Business News

Date: Monday, March 28, 2011, 1:38pm HST - Last Modified: Monday, March 28, 2011, 2:08pm HST

The Ritz-Carlton in Kapalua will be sold at a foreclosure auction in May.

The auction for the 262-room luxury hotel in West Maui was scheduled for May 5 on the courthouse steps in Wailuku after 2nd Circuit Judge Shackley Raffeto issued a foreclosure order earlier this month. The sale will include 73 residential suites and 35 other suites, as well as 23 commercial units, said Chris Lau, who has been appointed commissioner for the Ritz-Carlton sale.

Lenders Lehman Brothers Holdings Inc. and SASCO 2008-C2 filed for foreclosure, alleging hotel owner W2005 Kapalua/Gengate Hotel Realty owed more than $268.3 million in unpaid principal, interest and fees.

Link to article

I will be at the auction and will keep you posted.