Fairmont Hotels buying Fairmont Hotels & Resorts Inc. said today it is buying the luxury Orchid at Mauna Lani for $140 million, plus closing costs.
Orchid at Mauna Lani
By Russ Lynch
rlynch@starbulletin.comThe hotel, which stands on 32 acres of oceanfront land along the Big island's Kohala Coast, will be renamed the Fairmont Orchid, Hawaii, when the deal closes in December, the company said.
Fairmont Hotels, based in Toronto, operates 39 luxury and first-class properties in the United States, Canada and four other countries.
The Fairmont San Francisco and the Plaza in New York City are among them.
The Orchid is not Fairmont's first purchase in Hawaii. Early last year, the company bought the 450-room Kea Lani resort hotel at Waimea, Maui, for an undisclosed price and renamed it the Fairmont Kea Lani.
The Orchid's seller is an arm of Colony Capital LLC., a private international investment firm based in Los Angeles that has made a number of significant investments in Hawaii over the past decade.
The hotel, which has 538 rooms and suites, was the Ritz-Carlton Mauna Lani when Colony bought it in 1995 for $75 million, about $100 million less than what it cost to build.
Colony is a major investor in the Hilton Waikoloa Village and still has the W Honolulu-Diamond Head, although it recently put that property on the market.
