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San Diego firm
By Rick Daysog
buying Maui
Oceanfront Inn
Star-BulletinA San Diego company is purchasing the 86-room Maui Oceanfront Inn in Kihei.
Great West Properties will acquire the budget hotel from Japan-based Towa Shinyo Maui Inc. The deal is in escrow and is expected to close on March 21, according to a Feb. 15 notice filed with the state Department of Labor and Industrial Relations.
The sale price was not disclosed.
Representatives from Great West and Towa Shinyo could not be reached for immediate comment.
Built in 1973, the beachfront hotel lies next to Keawakapu Beach in Kihei on leasehold land owned by the state. The hotel employs 16 workers, according to the filing.
Towa Shinyo acquired the wood-frame hotel in 1990 for $5.9 million and renovated the property in 1997.
Great West owns hotel properties on the mainland.
The deal comes as the demand for in Maui oceanfront parcels has been strong.
Bob Hastings, president of real estate appraisal firm of Hastings Conboy Braig & Associates Ltd., said that for the past 2 1/2 years, residential properties, resort lots and vacant properties along Maui's beaches have been changing hands at a rapid pace.
"Anything on the water between Wailea to Makena area, is being swept up," Hastings said.
