After years of searching for a new owner, lenders of the Turtle Bay Resort have taken over ownership of the North Shore luxury hotel property.

The consortium of investment management firms, which includes Wells Fargo & Co. and Credit Suisse Group, took back the property from its former owner, Los Angeles-based Oaktree Capital Management LP. The Turtle Bay Resort ownership group assumed control yesterday.

“;In a nutshell it's a new chapter, it's a new beginning,”; said Stanford Carr, a local real estate developer appointed by the lenders in 2008 to head resort operations as part of the foreclosure settlement. He remains the acting interim management officer.

Oaktree Capital Management LP was not available for comment, but the company has historically declined comment on any of its activities.

There will be no changes to the property's name, logo or any of its 550 employees, said Bob Boyle, the hotel's vice president and general manager. Boyle is also regional director of operations for Benchmark Hospitality International, which operates the hotel.

“;It benefits us in that it gives us a much clearer vision of what the future of the resort will be,”; Boyle said yesterday. “;We've been kind of in limbo as the lenders and Oaktree worked things out. Now we believe the new owners will continue to invest in the success of the hotel. It's a good day for all of us.”;

In December 2007 the lenders filed a $283 foreclosure lawsuit against Oaktree's local entity, Kuilima Resort Co. The lenders spent two years searching for a buyer. Although there were a number of interested parties, Carr said two big factors made the search difficult.

“;I think the difficulty came from, first, the uncertainty if the state would've exercised its condemnation rights,”; Carr said, referring to a state law passed in 2008 that allows the state to condemn the property. “;Also, there was not a price acceptable to the consortium, so no deal was made.”;

The ownership change is the latest among a host of other big-name properties that have gone to lenders, including the Ilikai, Fairmont Orchid, ResortQuest Kauai and Kapolei Trade Center.

Starwoods Hotels & Resorts and the state government were among the higher-profile interested buyers. The lenders rejected two offers from the state last January, saying that a government acquisition with public funds would not be prudent, given the state of the economy.

Gov. Linda Lingle wanted the government to own the property to block additional development of up to 3,500 hotel and condominium units. The Governor's Office did not return a call for comment yesterday.

Carr said there are no immediate plans for development. “;Before we do anything, we will present it to the community and get them engaged in the process,”; he said.

However, the lenders have invested about $9 million into the hotel, including widening Kuilima Drive to four from two lanes, and upgrading the water well in the area. Additional capital improvements included furniture, renovating roofing, replastering the swimming pools and replacing carpet.

“;We're planning to do some upgrades to the rooms as well as other public areas,”; said Carr, adding that a public park at Kawela Bay, as well as work-force housing, are in the works. “;We continue to reinvest in the property.”;

Boyle said the hotel has not been immune to the tourism industry's struggle in recent years, but maintained above 82 percent occupancy in 2008 and last year.

“;We've had to sacrifice room rates as many people have, but we have increased our (revenue per available room),”; Boyle said.

After the airline closures and pullouts of 2008, including Aloha Airlines, the hotel's management aimed to broaden its customer base. That includes catering to local residents and Southern California travelers.

“;We're pleased with our efforts,”; Boyle said. “;Times like this make you better managers, because it makes you work that much harder.”;