Kauai Lagoons project sold

LIHUE — The Kauai Lagoons project, including the 27-hole Jack Nicklaus-designed Kauai Lagoons Golf Club, has been sold to Honolulu developer Ed Bushor’s Tower Development, Inc.

Ed Kinney, a spokesman for Marriott Vacations Worldwide, confirmed the $60 million sale Wednesday. The two parties closed on the deal Dec. 31, he said.

“We had been marketing the property for awhile, which is actually encompassed of several different parcels,” Kinney said.

The project includes 600 acres just south of the Lihue airport.

Reached by phone Wednesday, Herold Vasquez of Tower Development confirmed the transaction had closed. Bushor, however, would not discuss details of the company’s plans for the project.

“We are in the transition process and are able to comment after we have coordinated the transition of the project over the next couple of weeks,” he wrote in an email.

Kinney said his understanding is that the new owner plans to stick with the original development concept. In 2008, in response to trying market conditions, the Marriott halted the $1.4 billion project, which called for the construction of roughly 400 Marriott and Ritz-Carlton residential units over a several-year period, as previously reported by The Garden Island.

Kinney confirmed that the sale includes partially built Ritz-Carlton residences, ocean-view subdivisions, ready-to-build home sites with ocean and golf course views.

The property is reportedly entitled to build about 700 residential units.

Kinney said Marriott Vacations is a publicly traded company and has been looking at selling several of its undeveloped parcels, including Kauai Lagoons, in an effort to leverage its assets.

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