MAUI, HI— Morgan Stanley Real Estate Fund V US; Trinity Investments, LLC; and Dowling Cos., Inc. have teamed together to acquire the Makena Resort here on Maui’s southern coast for $575 million. Jones Lang LaSalle Hotels represented the transaction’s sellers, which included Lokelani Resort Corp., Maui Prince Hotel LLC and Makena Wastewater Corp. The transaction’s total price eclipses the highest priced acquisition for all of 2006: the $550-million purchase of the Four Seasons Resort Hualalai in Ka’upulehu-Kona, HI. MSD Capital, LP and Rockpoint Group acquired that property from Kajima Corp. The Makena Resort purchase includes the 310-room Maui Prince Hotel; two 18-hole, Robert Trent Jones, Jr.-designed Makena Golf Courses, about 1,317 acres of vacant land and the stock of Makena Wastewater Corp. The asset generated 45 property tours and 17 bids from prospective buyers in the first round of the sales process, according to Jones Lang LaSalle Hotels.
