Maui Business

Maui Lu Owners Serious About Selling

September 13, 2012, 11:36 AM HST
* Updated September 13, 11:38 AM
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Aston Maui Lu resort owners are actively looking for buyers for a new timeshare resort. Photo courtesy of Aston Maui Lu.

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.

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The property is expected to receive bids in the realm of $68 million.

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