Way cleared for Makena resort sale
A lawsuit that delayed the $575 million sale of the Makena Resort has been settled, paving the way for the deal to close next week.
Ulupalakua Ranch Inc. filed the suit claiming that owner Seibu Group had breached land-access contracts dating back to the 1980s. Terms of the settlement, reached on June 13, are confidential.
But sources familiar with the settlement who asked not to be identified said the sale of the 1,800-acre resort to Maui-based Dowling Co. and Morgan Stanley Real Estate is now expected to close on June 26.
Trinity Investments of Honolulu is no longer a buyer in the deal, which includes the 310-room beachfront Maui Prince Hotel, two golf courses and 1,300 acres of undeveloped land, which is expected to be the site of a large residential community.
Sumner Erdman, president of Ulupalakua Ranch, couldn't be reached for comment. His attorney, David Merchant, declined to comment. Attorneys for Seibu also couldn't be reached.