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 Investment Group Acquires the 548 room Ritz-Carlton, Kapalua; 
$40 million Renovation Planned
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Miami, Florida – March 14, 2006 – A partnership consisting of The Gencom Group, Highgate Holdings and Whitehall Street Global Real Estate Limited Partnership 2005, as well as its affiliates, have acquired The Ritz-Carlton, Kapalua resort on Maui’s northwest shore.  The 548-room, 5-diamond property, which sits on a 23,000-acre plantation that overlooks the Pacific Ocean, is Hawaii’s premier golf resort hotel.  Resort guests enjoy priority access to three championship golf courses that surround the property, including the Plantation Course, which is home to the prestigious Mercedes Championship that kicks off the PGA Tour schedule each January.  The property will continue to be branded and managed by The Ritz-Carlton Hotel Company, L.L.C. and will be asset managed by a Gencom affiliate.  The seller was represented by Eastdil Secured.  

The ownership group is planning a $40 million renovation including full room renovations throughout the hotel, an expansion of the existing 7,000 square foot spa and decor replacement throughout common areas.
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About Gencom Group
Gencom Group is a Miami-based hotel investment and development firm, with five Ritz-Carlton hotels and resorts currently owned or under development, in addition to properties branded under the Marriott, Wyndham, Summerfield, Hilton, and Hyatt brands.

About Whitehall Street Global Real Estate Limited Partnership 2005
Whitehall Street Global Real Estate Limited Partnership 2005 is the most recent of the Whitehall Street Real Estate Funds, a family of opportunistic real estate funds sponsored and managed by Goldman Sachs.  The Whitehall funds invest in real estate and real estate-related assets worldwide.

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Contact:

Greg Denton
Senior Vice President
Gencom Group
1200 Brickell Ave, Suite 1460
Miami, FL 33131
(305) 416-4534

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Also See: Marriott International Sales the Ritz-Carlton Kapalua Hotel For 144US$ Million to Capital Hotel Investments LLC / Feb 2001
Kapalua Bay LLC to Redevelop Kapalua Bay Hotel $300 Million Project Slotted to Get Underway in Spring 2006 / January 2005


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