LIHUE — Hawaii developer The Resort Group and Chinese enterprise Reignwood International will partner together to own and oversee the long-term development of 1,103 acres of Princeville Resort in Hanalei, including the Prince Golf Course.
The partnership between The Resort Group founder Jeffrey R. Stone and Reignwood founder Dr. Chanchai Ruayrungruang — valued at $343 million — will manage the long-term planning and development aspects of Princeville lands, according to a press release announcing the sale.
“Hawaii’s culture has deep roots in Asian heritage as many of my good friends cherish the islands and have made them their preferred vacation destination or home,” Ruayrungruang said. “We’re excited to be part of the Kauai and Hawaii communities. The island’s natural beauty is spectacular, and its open countryside translates well to our sustainability goals for our communities.”
In 30 years, Reignwood Group has grown into a multinational enterprise with diversified investments in key growth industries in Asia and around the world with branch offices in Singapore, Thailand, the United Kingdom, Canada and the United States.
Ni Songhua, Reignwood’s head of global investments and acquisitions, said the partnership underscores Reignwood’s confidence in Hawaii.
“We’re committed to preserving Princeville’s regal heritage and cultural roots,” Songhua said. “We believe that Reignwood’s profound respect for Hawaiian history, along with our green vision for the future, will help to advance the long-term vision of Mr. Stone.”
Stone noted that The Resort Group has long devoted itself to responsible stewardship of its resorts and communities.
“We share a vision of bringing a sustainable community to this incomparable site,” he said. “The Resort Group is dedicated to developing and operating unique resort experiences, inspired by a strong sense of community and collaboration with world-class partners. We’re proud to join with Reignwood, whose international spirit of innovation and cultural exchange has helped to make it a highly successful global enterprise.”
The sale does not include the St. Regis Princeville Resort, according to resortspokeswoman Stephanie Reid.
Originally the playground of Hawaiian royalty, the Kauai site was named Princeville in 1860 to honor Hawaii’s Crown Prince Albert, son of King Kamehameha IV and Queen Emma. The 9,000-acre Princeville Resort, once the site of sugar plantations and cattle ranches, became Hawaii’s first and largest master-planned community in the 1960s.
The Resort Group and Morgan Stanley purchased Princeville in 2005 from Suntory, Japan’s largest beverage company.