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Three isle
golf courses
up for sale

The properties on Oahu, Maui
and Kauai have a combined
value of up to $90 million

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By Tim Ruel
Star-Bulletin

The Hawaii Country Club on Oahu and two neighbor island golf courses are being put on the market next week by their respective Japan-based owners, according to real estate firm Colliers Monroe Friedlander.

Although the three 18-hole courses are not offered as a package, Colliers is marketing them together to share promotional costs, said Douglas Pothul, senior vice president of Colliers. Pothul said the properties have a combined value of between $80 million and $90 million, although he declined to comment on individual asking prices.

Hawaii Country Club, on 136 acres in Kunia, is owned by a group of 28 investors, mainly from Hawaii and the mainland, with Tokyo-based Sumitomo Realty & Development Co. as the majority shareholder. Their company, Ekahanui Inc., has operated the golf course since 1972 and bought it from the Robinson Estate in 1986 for $4 million, according to state records. The late Army officer John R. "Red" Uldrick developed the semi-private country club in 1958 as the International Golf & Country Club.

The other two courses up for sale -- the Pukalani Country Club in Upcountry Maui, and the Kiahuna Golf Club near Poipu, Kauai -- are owned by subsidiaries of Sports Shinko Co. Ltd. of Japan. Sports Shinko bought the Kiahuna course in 1986 for $24 million and the Pukalani links for an undisclosed price in 1988, according to state records.

The Pukalani offering includes three separate development parcels individually zoned for hotels, apartments and duplexes, Colliers said. The Kiahuna property includes 120 acres of development land entitled for 158 single-home lots, 560 condominium units and another 9 holes of golf.

Sports Shinko is also selling the 59-unit Diamond Head Beach Hotel to Hawaii developer Peter Savio, a deal that should close by the middle of this month, Pothul said.

Sports Shinko also owns the 18-hole Mililani Golf Course, which it bought for $16 million in 1986, along with two other Waikiki hotels. Those properties are not on the market, Pothul said.

Sports Shinko said it is selling the two golf courses to shed noncore assets and focus on other real estate holdings. The company owns and operates more than 30 golf courses in Japan as well as the La Costa Resort & Spa in Carlsbad, Calif., according to Colliers.