Lehman Brothers Wins Auction for Ritz-Carlton in Maui
From Honolulu Star-Advertiser:
Says It Will Sell Resort Once Values Improve
The lender for the Ritz-Carlton Kapalua scooped up its investment in a foreclosure auction yesterday on Maui, with a $75 million credit bid on the luxury hotel. Lehman Brothers Holdings Inc. outbid two other qualified bidders for the 404-room luxury property, which was foreclosed in September after institutional investors and Maui Land & Pineapple Co. defaulted on a loan, most recently valued at $268 million. Click here for the full story.
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