PASADENA, CA- A 29-acre site located in the Waikoloa Beach Resort on the Big Island of Hawaii, one of the last entitled beachfront resort sites in the state, has been acquired by a partnership led by Pasadena-based developer James Ratkovich & Associates. Preliminary plans call for a $1 billion development that may include a 300-room hotel and up to 500 luxury condominiums.
Lonomakua Partners LLC, which includes Lehman Brothers Holdings and MSD Capital, L.P., purchased the site from Elleair Homepaper Co. of Japan. Situated adjacent the Waikoloa Beach Marriott on Hawaii's Kohala Coast, the unimproved site fronts Anaeho'omalu Bay and is the last piece of the 1,350-acre Waikoloa Beach oceanside resort, according to Thos Rohr, president/Waikoloa Land Co.
In addition to the Marriott, the Waikoloa Beach Resort includes the Hilton Waikoloa Village, 880 luxury condos, two championship golf courses, and the Kings' Shops and a 75,000-square-foot retail and entertainment complex.
Collectively, the partners have been involved in more than $1 billion of real estate development and investment in Hawaii, including the Four Seasons Resort Maui at Wailea, which was acquired by MSD Capital in July 2004.

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