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Posted: Friday, October 26th, 2012 9:04 AM HST

Seibu to keep luxury Hawai`i hotels

By Ken Hupp - 67AM KPUA News

A major Japanese conglomerate has decided to hang on to three upscale luxury hotels and golf courses in Hawai`i after efforts to sell them fell through. Seibu Group retained the real estate investment and brokerage firm Eastdil Secured to find a buyer for the Hawai`i Prince Hotel, Mauna Kea Beach Hotel and Hapuna Beach Prince Hotel, which were valued at about $500 million. A joint venture between Boston-based Rockpoint Group and Dallas-based Highgate Hotels reportedly offered around $450 million, but reduced the offer substantially after further study. The 350-room Hapuna and 258-room Mauna Kea hotels are located on the Big Island and share an 1,839-acre site with two 18-hole golf courses. The 578-room Hawaii Prince on Oahu is in Waikiki but also includes the 27-hole Hawai`i Prince Golf Club in Ewa.