ML&P SELLS PLANTATION COURSE
Maui Land and Pineapple Company today announced the sale of its Plantation Course. The $50 million sale to TY Management is expected to close before the end of the month. Under the sale, Kapalua Plantation Golf, a subsidiary of MLP, will renew a two-year lease to operate the course on behalf of the new owner. Maui Land and Pineapple Company plans to use proceeds from the sale to reduce its debt.
The 7,411-yard Plantation Course, designed by Bill Coore and Ben Crenshaw, opened in 1991. The Plantation Course recently emerged from a major renovation, including the re-grassing of all 18 greens to Ultradwarf TifEagle grass, re-contouring of many of the greens, renovations of all bunkers, the addition of several new tees, and cart path modifications. At the same time, the clubhouse and The Plantation House Restaurant were renovated.
â€œIn this transaction, we will receive cash for the sale of the land and improvements, and will continue to operate The Plantation Course under the Kapalua brand with our golf management team,â€ stated Robert Webber, president and CEO of Maui Land & Pineapple Company, Inc. â€œWe expect our golf team, led by Gary Planos, to continue to operate The Plantation Course in a manner that has led to Kapalua Resortâ€™s world-wide recognition as the number one golf resort in Hawai`i and host site for the prestigious PGA TOUR season opening event, the Mercedes Benz Championship. We would not have entered into this transaction if the new owner did not share our commitment to provide the highest quality golf experience and to work closely with us to maintain a seamless and integrated resort experience for our guests and residents.â€
â€œWe look forward to continuing the experience at The Plantation Course of welcoming guests from all over the world to enjoy the unique playability and beauty of what has become Hawaiiâ€™s most popular course,â€ said Gary Planos, senior vice president/Resort Operations and tournament chairman of the Mercedes-Benz Championship. â€œWe believe the Kapalua Resort will continue to exceed expectations with our service standards and overall golf experience.â€
Maui Land & Pineapple Company, Inc. is a Hawai`i corporation and successor to a business organized in 1909. Its principal operating subsidiaries are Maui Pineapple Company Ltd., a producer and marketer of Maui Gold Â® pineapple, and Kapalua Land Company Ltd., operator of Kapalua Resort, a master-planned resort community in West Maui.
(Posted by: Wendy OSHER Â© 2009)