Woodridge Capital Partners, in association with Colony Capital and its affiliates, has acquired the Ritz-Carlton, Kapalua Resort for an undisclosed amount.
Ritz-Carlton, Kapalua Resort, which is an AAA Five-Diamond destination resort, is located on the island of Maui in Hawaii.
Following the transaction, the new owners are planning to further invest in the property to improve the resort, which will continue to be operated by The Ritz-Carlton Hotel Company.
Colony Capital chairman and CEO Thomas J Barrack Jr said, "The combination of The Ritz-Carlton brand, a welcoming and nurturing Hawaiian culture and the nature and magic of Maui will make an unbeatable combination."
The Kapalua Resort, spread over 54 oceanfront acres, features two championship golf courses, 463 guestrooms including 107 residential suites, and pools with views of the Maui coastline and the Island of Molokai.
Built in 1992, the resort was refurbished in 2007 with an investment of $190m that included the introduction of The Ritz-Carlton residences.
The property has three in-hotel restaurants, a lounge, a pool bar and a café as well as an outdoor restaurant, The Beach House, located in the surroundings of DT Fleming beach.
Ritz-Carlton, Kapalua Resort has 207,000ft² of meeting space, including 35,000ft² of indoor meeting space and 172,000ft² of outdoor space.
Amenities at the property also include a large spa, fitness centre, tennis facilities as well as 4,600ft² of retail and convenience shops.
Woodridge Capital Partners CEO Michael Rosenfeld said, "With its special character, remarkable location and precious natural resources, The Ritz-Carlton, Kapalua is a rare property that would be nearly impossible to duplicate today."