Thai-Chinese Billionaire Invests $343M in Kauai’s Princeville Resort
- Sep 14, 2014
A portion of the Princeville Resort on Kauai’s North Shore sold for $343 million.
According to the Pacific Business News, Reignwood International led by billionaire Thai-Chinese businessman Chanchai Ruayrungruang has purchased 1,103 acres at the Hanalei property, which includes the Prince Golf Course.
The seller was The Resort Group, led by Hawaii developer Jeff Stone, one of the state’s largest resort development landowners. The company will continue to manage the Kauai lands, as Reignwood International bought out the share of the group’s finance partner, Morgan Stanley.
In an e-mail written to The Garden Isle, Stephanie Reid, director of public relations for St. Regis, said that the sale did not include the St. Regis Princeville Resort. The hotel continues to be managed by St. Regis by Starwood Hotels & Resorts Worldwide Inc.
Built in the 1960s, the 9,000-acre Princeville Resort marked Hawaii’s first and largest master-planned community. The Resort Group and Morgan Stanley purchased the property in 2005 from Suntory, Japan’s largest beverage company.
The master-planned community currently supports 2,500 jobs and generates $1 billion in economic impact to Kauai and the state. According to The Resort Group, the sale of the property will not affect employees and operations will continue as usual.
“Hawaii’s culture has deep roots in Asian heritage, as many of my good friends cherish the Islands and have made them their preferred vacation destination or home,” Ruayrungruang told the newspaper. “We’re excited to be part of the Kauai and Hawaii communities. The island’s natural beauty is spectacular, and its open countryside translates well to our sustainability goals for our communities.”
“We’re committed to preserving Princeville’s regal heritage and cultural roots,” added Ni Songhua, the London-based head of global investments and acquisitions for Reignwood. “We believe that Reignwood’s profound respect for Hawaiian history, along with our green vision for the future, will help to advance the long-term vision of Mr. Stone.”
Reignwood International is a subsidiary of Reignwood Group, which was founded in 1984 in Thailand by Ruayrungruang, who owns assets with a net worth of $2 billion. Currently based in Beijing, Reignwood Group holds branch offices in Singapore, Thailand, the United Kingdom, Canada and the United States.
Photo credit: www.princeville.com