Press Release
December 7, 2000
NORTHBROOK, IL -- Shell Vacations LLC and Greater Pacific Limited Partnership have announced the signing of a joint
venture agreement. The agreement calls for the development of an additional 150-200 two-bedroom, two-bath units
containing approximately 1,300 square feet at the Holua Resort at Mauna Loa Village on the Big Island of Hawaii.
Under the terms of the agreement, Greater Pacific Limited Partnership, based in Honolulu, Hawaii, will contribute
prime property with both ocean-front and golf course views to the venture and Shell Vacations LLC will develop,
market and sell the 150-200 vacation ownership property units.
According to Sheldon Ginsburg, Managing Director of Shell Vacations LLC, "We are proud and excited to have
entered into this relationship with Greater Pacific on the Big Island of Hawaii. Holua Resort at Mauna Loa Village
is situated on one of the few remaining pieces of prime oceanfront real estate available for immediate development
in the State of Hawaii. This important expansion of Holua Resort signifies our continued commitment to the Big
Island, having also developed Kona Coast Resort Phases I and II and Paniolo Greens Resort."
Grand Pacific Limited Partnership and Shell Vacations LLC are currently in the planning phases of expanding Holua
Resort into a complete destination with all the amenities of a popular upscale destination resort, including a
clubhouse, check-in facility, restaurant, pool, spa, and parking. Plans also call for the construction of an oceanfront
Sales Preview Center.
According to David Jung, Chief Operating Officer and General Counsel for Greater Pacific Limited Partnership, "The
development of additional phases at Holua Resort is indicative of our confidence in both our partners, Shell Vacations
LLC, and the overall tourism economy on the Big Island. We are pleased to be able to provide an upscale destination
resort which will offer highly competitive facilities and amenities."
Located in the Keauhou Resort area of Kailua-Kona on the Big Island, the Holua Resort at Mauna Loa Village recently
completed refurbishment of 74 one- two- and three-bedroom villas overlooking the Kona Country Club golf course.
Amenities include multiple swimming pools with adjacent hot tubs. The resort is located six miles south of the
village of Kailua-Kona, with its specialty shops and fine dining. The company's point-based Shell Vacations Club
is being sold at the property, which is now open for both sales and owner occupancy.
Shell Vacations currently operates 15 resorts in Canada, California, Arizona and Hawaii and serves more than 50,000
owners. The company is one of the nation's largest independent vacation ownership developers.
Greater Pacific Limited Partnership is involved in a wide range of real estate areas, including real estate acquisition,
asset management and consulting and investment, and the development and management of residential, resort, and
commercial properties.
For Additional Information, Please Contact
Marge Lennon at 941-482-3891 or Robert Foster at 808-322-8393