Commercial Real Estate

Lenders take over Turtle Bay Resort

Turtle Bay Resort on the North Shore is now owned by a consortium of investment management firms.

The consortium are various lenders to the property, including Wells Fargo & Co. and Credit Suisse. The foreclosure settlement has ended, since the lenders have taken the deed of the property from its former owners, Los Angeles-based Oaktree Capital Management LP.

The group’s new ownership begins today. The property has 443 rooms, two championship golf courses, a spa and other resort amenities.

“Turtle Bay Resort and the new ownership group are committed to the community of the North Shore,” said Stanford Carr, local real estate developer and acting interim management officer. “We intend to maintain this special property at the highest level and preserve the environment. Everyone has worked to facilitate a seamless transition for the property, its employees and guests.”

Carr said the hotel will operate “business as usual,” and the name and logo will not change.

Carr was selected in 2008 by lenders to sell the property as part of a foreclosure settlement with owner Oaktree Capital Management LP.

Last year, Gov. Linda Lingle proposed that the state purchase the 850-acre resort to preserve the landscape from further development. The lenders rejected the offers last year.