ML&P enters agreement to sell Kapalua Bay Golf Course for $24.1 million

Maui Land & Pineapple Company today announced that it has entered into an agreement for the sale of The Kapalua Bay Course and Maintenance Facility.  The $24.1 million agreement with TY Management Corporation of Hawaii is expected to close before the end of this month.

In the interim, MLP will enter into a lease to operate The Bay Course until March 31, 2011.  Company interim CEO Warren Haruki said the transaction allows for the consolidation of both Kaplaua courses under the same company that purchased the Plantation Course last year.  The bay course was upgraded two years ago and over the years, has hosted both the Lincoln Mercury Kapalua International and the 2008 LPGA Kapalua Classic.

Haruki said he looks forward to a, “long term partnership at Kapalua for many years.”

The Bay Course was designed by Arnold Palmer and Francis Duane and opened in 1975.  The 6,600-yard, par 72 Bay Course features gently rolling fairways and generous greens. Recent upgrades included the new TifEagle greens, laser-leveled teeing areas, and improvements to its irrigation system.

(Courtesy ML&P press release)