From Honolulu Star-Advertiser:
New Owners to Spend $10 Million to Renovate, Convert to Courtyard
JMI Realty, a mainland real estate investment and development firm, bought the Aston Kauai Beach at Makaiwa for about $38 million Wednesday, according to sources familiar with the transaction. The hotel changed hands for significantly less than the $69 million or more that the sellers paid for the property in 2006 during Hawaii's most recent tourism boom. After the market turned, the sellers, a joint venture between Gaylord Entertainment Co. and RREEF Global Opportunities Fund II LLC, a division of Deutsche Bank, and lenders -- a commercial mortgage-backed securities fund -- were forced to sell at rock-bottom levels to avoid a foreclosure auction. Click here for the full story.