According to Real Estate Alert which gives weekly updates on the institutional marketplace, Maxxam Enterprises, a Beverly Hills, California investment firm, is looking to develop 388 timeshare units on a 27 acre beachfront site on Maui.
The Chicago-based Jones Lang LaSalle has been chosen by Maxxam Enterprises to market the property, which is expected to attract bids of approximately $68 million.
The site, located on Kihei Road in southwest Maui, is currently the home of the 120 room Aston Maui Lu Hotel, which originally opened in 1959. The investment plan is to demolish the three building hotel and construct 388 two bedroom timeshare units in 19 buildings ranging from one to four stories, along with a restaurant, swimming pools and clubhouses.
The new timeshare resort will join the already popular and prospering timeshare market on Maui. Maui has always been a popular vacation destination and the timeshare industry has become a vital part of the tourism based economy. The Westin Kaanapali Ocean Resort Villas and Marriott Maui Ocean Club located on the Kaanapali coast are two of the most popular name brand timeshares on Maui.
The State of Hawaii and Maui, specifically, has continued to enjoy healthy gains in the tourism sector so far this year. Daily visitor spending on Maui jumped to an average of $191 which is a 14.6 percent increase over last year. Maui’s 15% higher daily spending on the island resulted in $314.4 million in July which brings visitor spending on Maui to $2.2 billion year to date through July – a 21.4 percent increase over the same time frame in 2011.
Of the 1.36 million visitors to Maui in the first seven months of the year, 6 out of 10 visitors stayed exclusively on Maui, the Hawaii Tourism Authority reported.
Other Maui highlights included:
* The number of air seats for Kahului increased by 9 percent in July.
* Maui saw an increase in arrivals from Japan – up 12.7 percent in July – and the West Coast – up 3 percent in July.
The Hawaii Tourism Authority said that over 160,000 residents are employed by some facet of the visitor industry. If that is accurate, it means that over one-quarter of the 603,000 people employed in Hawaii work in the hospitality and tourism sector.
“We anticipate that the momentum from the positive increase in visitor arrivals and spending will continue through the second half of the year,” Mike McCartney, president and chief executive officer of the Hawaii Tourism Authority, said in a statement. “Year-to-date visitor spending has generated an estimated $915 million in state tax revenues and will help to sustain more than 160,000 Hawaii jobs in 2012.”
Advantage Vacation is located on the island of Maui and is very knowledgeable regarding all the timeshare properties located in Hawaii. We specialize in the name brand timeshare resale properties of Marriott, Westin Starwood, Hilton and Hyatt. You can rely on prompt, courteous and professional service (before, during and after the sale) when working with Advantage Vacation!
Advantage Vacation is a member of the American Resort Development Association (ARDA) and offers the best buys on the timeshare re sales market today. We never charge an upfront fee for clients who want to sell a timeshare and only receive a commission, paid from escrow, when the transaction is closed.
We are leaders in the timeshare resale secondary market, have been in the timeshare industry for over 30 years and are Accredited Members of the BBB with an A+ Rating.
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