Princeville Resort, located on the north shore of Kauai, Hawaii, has recently undergone a change in ownership. The resort, which was originally developed by Hawaii-based developer Jeff Stone and his partners in 1985, has been sold to the newly formed Princeville Resort Hawaii LLC.
The History of Princeville Resort
Princeville Resort was built on land that was once owned by the Hawaiian royal family. In the early 1900s, a sugar plantation was established on the land, which eventually became a cattle ranch.
In the 1960s, a group of investors purchased the land with the intention of developing it into a resort. However, it wasn’t until Jeff Stone came along in the 1980s that plans for the resort were finally realized.
Stone and his partners developed Princeville into a luxury resort with two golf courses, a spa, and several high-end hotels and condominiums. The resort quickly became known as one of the premier vacation destinations in Hawaii.
However, in recent years, Princeville has struggled financially. The resort’s owner at the time, Cerberus Capital Management LP, filed for bankruptcy in 2020. This led to uncertainty about the future of Princeville.
The New Owners of Princeville Resort
In April 2021, it was announced that a new company had purchased Princeville Resort out of bankruptcy for $129 million. The new owners are a group of investors who have formed Princeville Resort Hawaii LLC.
The group is led by former Chicago Cubs co-owner Todd Ricketts and includes other prominent businesspeople such as Jonathan Litvack and Richard Schaefer. Ricketts has stated that he intends to restore Princeville to its former glory and make it one of Hawaii’s top resorts once again.
The Future of Princeville Resort
The new owners have big plans for Princeville Resort. They intend to invest heavily in the property, with plans to renovate and upgrade many of the resort’s facilities. The group has also expressed a desire to work closely with the local community to ensure that the resort is a positive force in the area.
One of the biggest challenges facing the new owners will be attracting visitors back to Princeville. The COVID-19 pandemic has had a devastating impact on Hawaii’s tourism industry, and it may take some time for travelers to return in large numbers.
Despite these challenges, there is reason for optimism about Princeville’s future. The resort has always been a beloved destination for travelers, and with new ownership and investment, it has the potential to become one of Hawaii’s top resorts once again.
Conclusion
In conclusion, Princeville Resort has undergone a change in ownership, with a group of investors led by Todd Ricketts purchasing the property out of bankruptcy. The new owners have big plans for the resort and are committed to restoring it to its former glory. While there are challenges ahead, there is reason for optimism about Princeville’s future as one of Hawaii’s premier vacation destinations.