November 2, 2011 · 0 Comments
KOHALA COAST, Hawaii– (www.hospitalitybusinessnews.com)–A joint venture between real estate investor and developer, Michael Rosenfeld through an affiliate of his Woodridge Capital Partners, and an investment fund managed by Oaktree Capital Management L.P., has acquired the Fairmont Orchid, a premier luxury hotel and resort on the famed Kohala Coast of the Big Island of Hawaii. Located on 32.6 oceanfront acres, the resort is rated as one of the best in Hawaii by Travel & Leisure Magazine. It was acquired for an undisclosed amount.
“The ownership has a long history of working in Hawaii and has great respect for the traditions and culture of the islands,” said Rosenfeld. “With its special character, remarkable location and access to precious natural resources, the Fairmont Orchid is a rare property that would be almost impossible to duplicate today.”
John Brady, head of global real estate for Oaktree Capital Management, said: “Having previously been personally involved with the purchase, revitalization and sale of the Fairmont Orchid and its predecessor, I couldn’t be more thrilled to have again the opportunity to purchase such an iconic asset with a first class partner, outstanding management and the world’s greatest employees. I’m especially thankful not only for my return to Hawaii and the Big Island, but also for the return of Oaktree Capital Management’s real estate group under new leadership.”
The Fairmont Orchid has 538 rooms in two towers plus five restaurants, four lounges, a renowned spa, a fitness center, large pool and tennis facilities plus over 100,000 square feet of indoor and outdoor meeting space including a large ballroom and an amphitheater. Unique on the Big Island, The Orchid has a protected, swimmable white sand beach. It is on the grounds of the Mauna Lani Resort and guests have access to the resort’s ancient Hawaiian fish ponds, petroglyph fields and ancient lava fields as well as its 36-hole championship golf complex, shops and other amenities.
The Orchid is well known for its Spa Without Walls which allows guests to experience Hawaii’s tropical climate with outdoor waterfall hales (huts), oceanside cabanas and private outdoor relaxation area. Rated as one of the best spas in Hawaii by Conde Nast Traveler Magazine, the Spa is a defining feature for the resort.
In the past five years, the Fairmont Orchid resort has undergone over $15 million in renovations to the lobby and guest rooms. The new ownership intends to continue the capital improvements with additional upgrades to all guest rooms and common areas and expansion of the spa facilities. The Fairmont Orchid will continue under management by Fairmont Hotels & Resorts, a leader in the global hospitality industry.