After the sale of the Plantation course last year, the other course at Hawaii’s Kapalua resort is to change hands.
Owner Maui Land & Pineapple Company has announced it has entered into a definitive agreement for the sale of the bay Course and its associated maintenance macility to Hawaiian firm TY Management Corporation for US$24.1 million. Under the terms of the sale, which is expected to close before the end of September, MLP will enter into a lease to operate the Bay course until 31 March 2011.
“With this transaction, we are able to consolidate the ownership of both Kapalua golf courses with an esteemed partner, said MLP chief executive Warren Haruki. “We will continue to operate The Bay Course in a manner that has led to Kapalua’s world-wide recognition as the number one golf resort in Hawaii. We have an established relationship with TY Management Corporation, which purchased The Plantation Course from MLP last year, and look forward to a long term partnership at Kapalua for many years.”
Designed originally by Arnold Palmer’s firm, the course was renovated in 2008-2009, with new TifEagle greens, laser-levelled teeing areas, and improvements to its irrigation system.