Memphis, Tenneseee-based KWC Management, the hospitality investment management company of Kemmons Wilson Companies, purchased the Montage Kapalua Bay in Lahaina, Hawaii.
KWC has been pursuing an acquisition of the resort since early spring, according to a news release.
CoStar data notes the sale price has not been disclosed. The seller is listed as Lantern Asset Management.
Lantern Asset Management acquired the resort through a foreclosure sale in 2013 from Lehman Brothers Holdings Inc. as part of a hospitality and retail portfolio for $66.9 million. Prior to that, it transacted in 2004 for $31.6 million.
KWC Management has tapped White Label Asset Management to help asset-manage the resort.
The luxury resort, operated by Montage Hotels & Resorts, was built in 1998 and renovated in 2014. It has a total of 2,205 square feet of meeting space.
According to the news release, "Montage Kapalua Bay has consistently been ranked among the top resorts on Maui and throughout the state of Hawaii."
Webb Wilson, CEO of KWC Management, said in the release that through his company's ownership of the resort, it "intends to find ways to be involved in caring for the displaced residents and community of West Maui."
Maui suffered deadly wildfires in August. Parts of West Maui, including Kapalua, Napili, Kaanapali and Lahaina, were particularly affected.
Maui fully reopened to tourists on Nov. 1.
"Under our ownership, the resort will continue to offer programming that enlightens guests on Hawaiian cultural practices and history and benefits their personal wellness and renewal," Wilson added.
Montage Kapalua Bay is set along the waters of Namalu Bay and offers 146 residential-style, multi-bedroom suites, four restaurants, a space, a collection of privately owned residences and more.