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Press Release: Maui Land & Pineapple Company
April 10, 2006
KAPALUA, HI -- On April 7, the last guest checked out of the 196-room Kapalua Bay Hotel, a Renaissance-managed
property, signaling the end of an era for this distinguished hotel that was considered Maui's finest when it opened
in October 1978. On April 10, the process of razing the structure will begin to make way for Kapalua Bay, a luxurious
real estate offering at the celebrated Kapalua Resort.
"The elegant but aging Kapalua Bay Hotel provided 28 years of service to Maui visitors and our community,
so a sense of nostalgia rightly accompanies this transition," said David C. Cole, chairman, president and
CEO of Maui Land & Pineapple Company, the property landowner. "We are confident the Kapalua Bay Residences
and related amenities will once again generate excitement among the world's most discerning travelers."
Kapalua Bay is comprised of The Residences at Kapalua Bay, featuring 84 private ownership homes, and The Ritz-Carlton
Club, Kapalua Bay offering 62 residences sold in deeded, one-twelfth fractional ownership interests. It will all
be nestled comfortably on a magnificent 24-acre beachfront site that opens to breathtaking ocean vistas. Occupancy
is targeted for late 2008.
The Residences at Kapalua Bay will feature upscale, contemporary island-influenced homes with spacious floor plans
ranging from 3,000-4,200 square feet. Management services and other amenities will be provided by The Ritz-Carlton
Hotel Company. Currently accepting sales reservations, Residences start at $4 million.
The Ritz-Carlton Club, Kapalua Bay will offer Members 21 or more days per year in fully furnished residences ranging
from 1,770-2,090 square feet. Designed as a private club, Members will enjoy Ritz-Carlton services and amenities,
and reciprocal use privileges at Club locations worldwide. Contract sales begin July 1, 2006.
Kapalua Bay ownership benefits will include a 6,100 square-foot beach club, and 8,500 square-foot multi-level recreational
area, with a lagoon-style pool and a bar and grill. Residents will also have access to exclusive resort golf and
dining privileges, and a well-appointed 30,000 square-foot spa.
Kapalua Resort is a 23,000-acre master-planned community in West Maui that offers three white-sand beaches and
is renowned for its award-winning golf. It hosts the annual signature event series that include the PGA TOUR's
winners-only Mercedes Championships, Celebration of the Arts, Kapalua Wine and Food Festival, LifeFest Kapalua
and Whale Quest, Kapalua. Other accommodations include the 548-room Ritz-Carlton, Kapalua, and 292-unit Kapalua
Villas.
Introduced in September 1999, The Ritz-Carlton Club is an exclusive real estate offering combining the benefits
of second home ownership with the legendary, personalized services and amenities of The Ritz-Carlton Hotel Company.
The Ritz-Carlton Club lifestyle is available at: Aspen Highlands and Bachelor Gulch, Colo.; St. Thomas, U.S.V.I.;
Jupiter, Fla.; and coming soon San Francisco, Calif.; and Miami's South Beach in Fla. For information on "The
Ritz-Carlton of Private Residence Clubs," please visit www.ritzcarltonlife.com
Source: Maui Land & Pineapple Company