The buyers bought the property from Lokelani Resort Corp., Maui Prince Hotel LLC and Makena Wastewater Corp., with JLL representing the sellers. According to JLL managing director Arthur Buser, who brokered the deal, the investor interest in the transaction underscored the demand for resort properties in Hawaii, a market he describes as "white hot."

The property drew 45 tours and 17 bids in the first round, according to Buser. "The market spoke: Nothing ocean-front will ever trade below $1M a key, all in," he comments. All of the hotel markets throughout Hawaii, especially in Maui, are booming "both from a capital and guest demand perspective," Buser adds.

Among the factors that drove the bidding were the resort's location, on Maui's southern coastline, near the highly successful Wailea property. In addition, the property offers views of the Pacific Ocean and land that is ready for development.

The prospective buyers for the property included "a multitude of land developers looking to create the premier residential and resort destination," according toScott Miller, an EVP of development and asset strategy for Jones Lang LaSalle. Jeff Morris, managing director of capital markets for JLL, notes that although some residential markets have cooled lately, values continue to rise at the premier residential communities in Hawaii.