Marriott Vacation Club International has bought out its business partner, Hawai‘i developer Kevin Showe, to acquire full ownership of the Kauai Lagoons resort project. The two parties had shared equal ownership. The deal, which closed last month, gives Marriott sole
Marriott Vacation Club International has bought out its business partner, Hawai‘i developer Kevin Showe, to acquire full ownership of the Kauai Lagoons resort project.
The two parties had shared equal ownership.
The deal, which closed last month, gives Marriott sole interest in the billion-dollar development.
According to Ed Kinney, vice president of corporate affairs and brand awareness for Marriott Vacation Club, Showe will stay on as a consultant to see through his original vision.
“(The sale) won’t affect the project,” Kinney said. “Our plans that had been developed in conjunction with Kevin (Showe) will continue.”
Kinney declined to comment on the cost of the buyout, though he noted that Marriott and Showe mutually decided upon the arrangement.
Currently the project is in the early stages of construction, with demolition work under way in places.
The resort, located on 350 acres abutting the Kauai Marriott Resort & Beach Club, will feature 750 vacation homes — from single-family estates to condominiums to bungalows and timeshare villas.
The first phase of 78 villas, or Grand Residences by Marriott, is expected to be completed by December of 2008. Ranging from one- to three-bedroom units, the starting price is $1.7 million.
The second phase, to be completed by April of 2009, consists of 14 oceanfront Ritz Carlton Residences, starting at $4.5 million.
Other facets of the project include a redesign of the Jack Nicklaus-designed Kauai Lagoons Golf Course. Nicklaus will be involved in the improvements, Kinney said.
Kaua‘i representatives for the project were not available for comment.
