Pacific Business News - Maxxam Enterprises, a Beverly Hills, Calif., investment firm, is selling a 27-acre beachfront site on Maui that is prepped for construction of 388 timeshare units, according to Real Estate Alert, a weekly update on the institutional marketplace.
Maxxam Enterprises has chosen Chicago-based Jones Lang LaSalle to market the property, which is expected to attract bids of about $68 million.
The site at 575 S. Kihei Road in Southwest Maui, now houses the 120-room Aston Maui Lu hotel, which opened in 1959. Although it generates cash flow, the investment plan is to demolish the three-building hotel and construct time-share units, according to Real Estate Alert.
Permits are in place for the development of 388 two-bedroom units in 19 buildings of one to four stories, including a restaurant, swimming pools and clubhouses.