Shinwa Golf puts
Hawaii properties
on marketThe upscale 345-room Renaissance Wailea Beach Resort hotel and the Wailea Golf Club on Maui, along with the Kauai Lagoons Golf Club in Lihue, are up for sale under a loan restructuring agreement between their Japan-based owner and a debt-collection agency.
Japan's Resolution and Collection Corp. acquired the loans of the Kyoto-based property owner, Shinwa Golf Group, in August 2000 after the collapse of Shinwa's principal lender, the Nippon Credit Bank.
Shinwa will continue to own and run its eight golf courses in Japan under the restructuring agreement, but its Hawaii assets will be sold, most likely next year. The assets also include undeveloped land at Wailea.
Shinwa, owned by Mitsuo Kokufu, bought the Wailea properties for approximately $200 million in 1989 from Alexander & Baldwin Inc. Shinwa later purchased the Kauai Lagoons for $250 million in 1991.
Shinwa has about 300 employees in Hawaii, plus 400 employed by Renaissance Wailea at the hotel.
"Unfortunately, economic conditions have forced us to focus on our core business in Japan, and to reluctantly consent to the sale of our Hawaii assets," Kokufu said.
"It is our hope that we can continue to be involved in the management of our highly regarded golf courses, and continue the positive relationship we have enjoyed for many years with our employees and the people of Hawaii."
Star-Bulletin staff