WASHINGTON Marriott International sold the Ritz-Carlton Kapalua in Maui, HI for approximately $144 million to Capital Hotel Investments LLC, a joint venture between Marriott International and affiliates of Blackacre Capital Management LLC. In September 2000, Marriott International acquired the Ritz-Carlton Kapalua (for a total cost of approximately $144 million) in expectation of subsequently selling the hotel and retaining a management agreement.
Ritz-Carlton Hotel Company will continue to operate the hotel as a Ritz-Carlton under a long-term management agreement. Capital Hotel Investments was advised by Credit Suisse First Boston Corp. in the transaction. (2/2/01)