Dallas Firm Buys Former Ritz-Carlton Timeshare For $100M
By Sonia Isotov
An affiliate of Dallas-based Lantern Asset Management was the highest bidder in a foreclosure hearing in Honolulu for the former Ritz-Carlton fractional and time-share project at Kapalua Resort.
The Pacific Business News reported the bid at $100 million.
In a three-way bidding contest between real estate investment firms, the Honolulu Star-Advertiser reports that Lantern Asset Management, which is owned by Centerbridge Capital Consolidated, outbid California-based Westbrook Management and David Merage, of Consolidated Investment Group.
Merage is also known as the co-founder of Chef America Inc., whose brands include Hot Pockets which was sold to Nestle in 2002.
The bidding started at $58 million and was said to have risen more than 20 times before reaching $100 million.