Michael Dell in deal to buy Hualalai resort

Dell's MSD Capital and the Rockpoint Group have agreed to buy the Four Seasons Resort Hualalai

Rumors of the sale of the Four Seasons Resort Hualalai on the Big Island appear to have been somewhat exaggerated -- for now.

Although the luxury oceanfront property is under contract to be acquired by the Rockpoint Group and an investment entity owned by computer billionaire Michael Dell, the sale has not yet closed, a source familiar with the deal said.

The sale by Tokyo-based Kajima Corp. is not expected to close formally until summer, the source said.

An executive with the Santa Monica, Calif., office of Dell's MSD Capital declined to comment; a spokeswoman for Rockpoint in San Francisco also would not comment.

The Hualalai resort would not be the first Hawaii luxury resort to be bought by Dell. In 2004, MSD Capital acquired the Four Seasons Resort Maui at Wailea for an undisclosed amount.

Reports have pegged the Hualalai sale price to be upward of $500 million for the property, its golf course and adjacent property. The source declined to corroborate that figure and said that published articles had misstated the purchase price.

Composed of mainly low-rise buildings that blend in with the landscape and topography of the rugged North Kona Coast,* the Hualalai has won several accolades, including AAA's coveted Five Diamond rating.