It has been announced that a bulk-sale public auction of developer units of the Hilton Kauai Beach Resort will be held May 6 at the Lihue 5th Circuit courthouse steps. 145 condotel units and 15 commercial units are to be sold to the highest bidder in a foreclosure process initiated by lender iStar Financial. The sale does not include the 200 plus units purchased by other individuals. The developer bought the hotel in 2004 and began the process of converting it into individually-owned rooms (a condo-tel) in 2005. Owner resale of these units has taken a major hit in the housing downturn and recent resales have been at prices far below the original purchase price.
Kauai Beach Resort is an oceanfront hotel under the Hilton flag located just 3 miles North of the island's primary airport in Lihue. The Ultimate Kauai Guidebook has a nice overview of the complex HERE.
Additional details are available in the current issue of Pacific Business News.
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