House & Home
Fri, February 27, 2009Thu, February 26, 2009Wed, February 25, 2009Tue, February 24, 2009Mon, February 23, 2009Fri, February 20, 2009Thu, February 19, 2009Wed, February 18, 2009Tue, February 17, 2009Mon, February 16, 2009Fri, February 13, 2009Thu, February 12, 2009Wed, February 11, 2009Tue, February 10, 2009Mon, February 9, 2009Fri, February 6, 2009Thu, February 5, 2009Wed, February 4, 2009Tue, February 3, 2009Mon, February 2, 2009Fri, January 30, 2009Thu, January 29, 2009Wed, January 28, 2009Kapalua Bay Venture Secures Funding for Project Completion
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Published in House and Home on Wednesday, February 11th 2009 at 15:06 GMT, Last Modified on 2009-02-11 15:07:49 by Market WireKAHULUI, Hawaii--([ BUSINESS WIRE ])--Maui Land & Pineapple Company, Inc. (NYSE:MLP) today announced that it concluded a financing agreement to complete construction of its joint venture project, The Ritz-Carlton Club and Residences at Kapalua Bay. After filing for bankruptcy in September 2008, the joint venture's lead lender, Lehman Brothers Holdings, Inc. (Lehman), discontinued its funding of the project. On January 28, 2009, the United States Bankruptcy Court approved terms of a new loan agreement sufficient to fully fund completion of the development.
Under the new agreement, Central Pacific Bank replaces Lehman as the administrative agent under the loan. Lehman has agreed to provide $35 million of the $120 million in completion financing, with other co-lenders, including Deutsche Hypothekenbank and Landesbank Baden-Wurttemberg and Marriott International, Inc., providing the balance.
"We are very pleased with this outcome and are grateful to Marriott International, Inc.'s Ritz-Carlton Development Co., the contractor Nordic/PCL and the co-lenders who continued to fund the project while completion financing issues were resolved," said Robert Webber, President and CEO of MLP. "Because of their commitment and the efforts of our Senior Vice President/Development, Ryan Churchill, we never lost a day of construction and were able to sustain the jobs of hundreds of construction workers from our community."
"We continue to be encouraged by construction progress, and the project is on schedule to open in June," continued Webber. "We believe Kapalua Bay will offer purchasers the most stunning ocean-front luxury experience in the state of Hawai'i. Moreover, because many other luxury projects in the state have recently been abandoned, we believe the project is well-positioned for the eventual economic recovery."
About The Ritz-Carlton Club and Residences at Kapalua Bay
The Ritz-Carlton Club and Residences at Kapalua Bay offer 84 private ownership residences and 62 residences sold in deeded, one-twelfth fractional ownership interests, along with an abundance of amenities on a 24-acre oceanfront site, complemented by dramatic mountain and ocean views overlooking one of Maui's most spectacular beaches. The wholly-owned Residences at Kapalua Bay feature upscale, island-influenced contemporary homes with panoramic ocean and sunset views and spacious three and four bedroom floor plans, ranging in size from 3,000 square feet to 4,200 square feet, including media rooms, private lanai and den options. Fractional owners may select two or three bedroom units, including gourmet kitchens, designer bathrooms and state-of-the-art entertainment systems. All residents enjoy membership in the Kapalua Club, which includes tee time privileges on Kapalua's Plantation and Bay golf courses, preferred access to the 30,000 square foot Kapalua Spa, membership at the Kapalua Bay Beach Club, offering an ocean-side bar and beach recreation activities and 8,500 square foot lagoon-shaped pool with indoor/outdoor grill and bar. For additional information, please visit [ www.kapaluabay.com/ritz-carlton-club.php ].
About Maui Land & Pineapple Company, Inc.
Maui Land & Pineapple Company, Inc. is a Hawai'i corporation and successor to a business organized in 1909. Its principal operating subsidiaries are Maui Pineapple Company, Ltd., a producer and marketer of Maui-grown pineapple, and Kapalua Land Company, Ltd., operator of Kapalua Resort, a master-planned resort community in West Maui. For additional information, please visit [ http://www.mauiland.com ] and [ http://www.kapalua.com ].
Forward-Looking Statements
Any statements in this press release that refer to future events or other non-historical matters are forward-looking statements. These forward-looking statements are based on MLP's expectations as of the date of this press release and are subject to risks and uncertainties that could cause actual results to differ materially from current expectations. In addition, the following risks and uncertainties may affect MLP's business prospects, results of operations or financial condition: increases in fuel and travel costs; airline industry capacity; dependence on third parties and actual or potential lack of control over joint venture relationships; effects of weather conditions and natural disasters; timing and success of sales of residential projects and construction projects, including resort initiatives; recoverability of real estate development deferred costs; effects of local, state and national zoning or other regulations; costs of compliance with environmental laws; timing and conditions of future real estate entitlement applications; and such other risks and uncertainties as detailed from time to time in MLP's public filings with the U.S. Securities and Exchange Commission, including but not limited to MLP's Annual Report on Form 10-K for the year ended December 31, 2007, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008, June 30, 2008 and September 30, 2008. MLP assumes no obligations and does not intend to update any forward-looking statements.
