TORONTO— At a price of $355 million, the Fairmont Kea Lani Maui has been put on the selling block by Fairmont Hotels & Resorts Inc. Agreeing to purchase the property is Host Marriott Corporation. Expected to close in August, the transaction will not lead to a name change for the property. It will continue to be managed by Fairmont under an existing long-term management contract. Fairmont expects to reinvest a portion of the proceeds in additional hotels during the course of the next year. Sale proceeds will also be used to purchase the remaining interest in the Fairmont management company.
