Marriott Vacations Worldwide Prepares To Receive Final Monies
The reaches of the Great Recession extended well beyond the mainland. In fact, during the economic downswing one major-scale construction project was put on hold in Kauai. Named the Kauai Lagoons, this master-planned oceanfront community sits unfinished to this day.
Marriott Vacations Worldwide has had possession of this property, but is selling the land to Hawaii developed Ed Bushor. During the second quarter of 2014, Marriott and Bushor reached a $60 million sales agreement. Per that agreement, Bushor paid $40 million for a portion of the property that included the Kauai Lagoons Golf Club. Management of the 27-hole course was given to Billy Casper Golf, one of the biggest owners/operators of United States golf courses. The course consists of three nine-hour formats: the Kiele Mauka, Kiele Moana, and Waikahe.
Bushor just recently came up with the remaining $20 million, finalizing the sale with the time-share giant. Marriott Vacations' most recent public filing reported that the final third of the money will come from sale of the remaining land at Kauai Lagoons, which is located just south of Lihue Airport. Marriott Vacations expects to receive those monies before the end of the current fiscal quarter.
This agreement was completed just before the April 30th deadline that Marriott Vacations and Bushor agreed upon in Q2 2014. Fortunately for the future of the development, the sale will be finalized and control of Kauai Lagoons will settle with Ed Bushor.
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