| HONOLULU, HAWAII - Nov 17, 1998 - Outrigger Hotels &
Resorts today announced it has entered into an agreement with MI Hotel
Limited Partnership, owner of the 516-room Aston Wailea Hotel on Maui,
to operate the hotel effective February 1, 1999. The hotel operated as
the Maui Inter-Continental Resort for nearly 20 years.
MI Hotel Limited Partnership leased the property to Aston for a three-year period ending on January 31,1999. A name change will be announced in the near future in conjunction with the transition. �We are very pleased to add this important hotel to the Outrigger properties
in Hawaii,� said David The addition of this premier property, coupled with our recent purchase of the Royal Waikoloan on the Big Island, demonstrates Outrigger�s commitment to Hawaii.� Carey continued, �We believe that Outrigger�s worldwide marketing and commitment to island hospitality will make the property even more successful.� According to Carey, the transition between Aston and Outrigger is expected to be seamless, with no service interruptions or inconvenience to guests. The Wailea hotel will be repositioned as a deluxe, four-star resort. Outrigger is reviewing plans for a renovation of the property. The hotel was built in 1976. It operated as the Maui Inter-Continental Resort through several ownership changes in the late 1980�s and early 1990�s until Aston Hotels began leasing the property in February 1996 for a three year term. The hotel sits on 21 acres of fee simple, beachfront land and is located in the luxurious Wailea Resort, adjacent to the Grand Wailea Resort, the Four Seasons Wailea, and the Wailea Renaissance Hotel. It has three swimming pools, extensive food & beverage service, and a state of the art meeting facility featuring 45,000 square feet of meeting space on three levels. Outrigger Enterprises, Inc., is a diversified real estate investment company based in Honolulu, Hawaii. It is the parent company of Outrigger Hotels & Resorts, the largest lodging and hospitality company in Hawaii and the 50th largest in the world. After this acquisition, Outrigger will operate more than 9,700 rooms in 29 hotels and resort condominiums in Hawaii, plus an additional 1,000 rooms open in the Pacific. The company has properties open or under development in Australia, Palau, Guam, French Polynesia, Fiji and the Marshall Islands. Outrigger�s affiliate, Outrigger Lodging Services, manages or has under development over 4,000 rooms in nearly two dozen hotels and resorts throughout the U.S. Mainland. |
Carey,
president and chief executive officer of Outrigger Enterprises. �It has
been our goal to operate full-service, beachfront hotels on Hawaii�s major
islands. This property is situated at one of Maui�s most beautiful locations,
and will certainly support that strategy.