A rollercoaster year for the former Maui Prince Hotel in Hawaii continued this week when one of the property’s mortgage holders took ownership with the intent of operating and further developing it.
AREA Property Partners, the former Apollo Real Estate Advisors, announced this week that it converted its $30 million portion of the hotel’s $192 million mortgage into equity. It will operate the property, now called the Makena Beach and Golf Resort, with new equity partners Trinity Investments LLC and Stanford Carr Development LLC.
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