Kā‘anapali Beach Hotel Exclusive: Outrigger acquires Maui's Kā‘anapali Beach HotelBy Jeffrey Weinstein | May 23, 2023Share Another big deal for Outrigger after adding five beach resorts to its portfolio over the past two years. HONOLULU – Outrigger Hospitality Group, Honolulu, has acquired the 432-room Kā‘anapali Beach Hotel, a beachfront resort on the Island of Maui. The transaction is expected to close on July 26, 2023, at which time the property will be rebranded as Outrigger Kā‘anapali Beach Resort. The purchase price and name of the seller is not being disclosed.Additionally, as part of the same transaction and with the same closing date, Outrigger will also take ownership of The Plantation Inn, an 18-room bed and breakfast in historic Lahaina Town, located steps from Maui’s famous Front Street. At this time, no changes are planned for this adults-only property.In the last two years, Outrigger has added five beach resorts to its portfolio, including Outrigger Kona Resort & Spa on Hawai‘i Island, as well as three properties in Southern Thailand and a luxury resort in the Maldives.Outrigger CEO Jeff Wagoner told Hotel Investment Today that adding a full-service resort on the neighbor island of Maui was a high priority for his team. "Our entire organization remained focused and persistent on identifying the best property for our brand," he said. “Outrigger's development team has been eyeing this property for several years as it meets all of the attributes we look for in an asset – including a premier beach location, opportunity for enhancement and solid return potential.”Jeff WagonerTo get the deal across the finish line, Wagoner said Outrigger made a very early cash deposit as a sign to the seller to illustrate their commitment to the property. He added," While debt market costs are high, lenders still have an appetite to engage in these types of iconic assets and consider them in their lending portfolio."The hotel recently completed a $75 million property-wide renovation spanning two of the guestroom wings. Additionally, the resort is employing several sustainability initiatives, including the installation of solar panels, charging stations for electric vehicles and water refill stations.Wagoner said that at closing, the group will develop a comprehensive property plan that includes finishing the other two property wings alongside the public spaces, recreation and water activities, lobby and porte cochere.With 26 other properties throughout the island chain, Wagoner added that Outrigger can take advantage of economies of scale alongside a new multi-million dollar tech stack that supports everything from pricing to distribution. "Maui County consistently has the highest ADR and RevPAR in Hawai‘i, as well as one of the highest globally. (Per the Hawai‘i Tourism Authority April 2023 Hawai‘i Hotel Performance Report – Maui ADR was $609 and RevPAR was $398). The Outrigger brand adds an iconic name to this exceptional property. Infusing new energy and capital into this destination will further enhance its performance."