By Sonia Isotov
Maxxam Enterprises, a Beverly Hills, California investment firm, owners of the Aston Maui Lu hotel in north Kihei are getting serious about finding a buyer for their property.
According to the Pacific Business News, an institutional real estate publication called Real Estate Alert is reporting that Maxxam Enterprises has chosen Chicago-based Jones Lang LaSalle to market the 120-acre beachfront property.
Apparently, the plan is to demolish the current hotel and construct time-share units. Real Estate Alert also reports that permits allow for 388 two-bedroom units in 19 buildings of one to four stories, including a restaurant, swimming pools and clubhouses.
The property is expected to receive bids in the realm of $68 million.