Maui Land and Pineapple sells The Kapalua Bay Course

LAHAINA—Maui Land and Pineapple Company, Inc. (MLP) announced the sale of The Kapalua Bay Course and Maintenance Facility to TY Management Corporation, a Hawaii corporation, for $24.1 million. Under terms of the sale, which is expected to close before the end of September, MLP will enter into a lease to operate The Bay Course until March 31, 2011.

The Bay Course is the forerunner of Kapalua Resort’s two championship golf courses. The course was designed by Arnold Palmer and Francis Duane and opened in 1975, the 6,600-yard, par 72 Bay Course.

In 2008 and 2009, The Bay Course was significantly upgraded with new TifEagle greens, laser-leveled teeing areas, and improvements to its irrigation system. Through the years, the Course hosted many top-notch golf tournaments, including the Lincoln Mercury Kapalua International and the 2008 LPGA Kapalua Classic.

MLC, organized in 1909, is a landholding, real estate development and asset management company headquartered in Maui, Hawaii. The Company owns approximately 24,000 acres of land on Maui, including its principal development, the Kapalua Resort, a 1,650 acre destination resort community.