The Princeville Hotel on the island of Kaua’i will continue to be managed by Starwood Hotels & Resorts Worldwide, Inc. following the closing of the sale of Princeville Hotel to a single purpose entity advised by Cornerstone Real Estate Advisers LLC as of today, Friday, March 18, 2005.
Cornerstone, an indirect, wholly-owned subsidiary of the Mass Mutual Financial Group, manages over $5 billion on behalf of a number of major public and corporate pension funds, endowments, foundations and Taft-Hartley Plans, as well as Mass Mutual. The firm invests in private and public equity real estate.
According to Dave Reilly, Cornerstone’s President, “Cornerstone is delighted to invest in the world-renowned Princeville Hotel, and to continue to increase our real estate presence in the Hawaiian Islands. We look forward to working with Starwood and the hotel’s dedicated employees.”
“Princeville Hotel is one of the jewels of Starwood Hawaii’s resort portfolio,” said Keith Vieira, senior vice president and director of operations for Starwood Hotels & Resorts Hawaii and French Polynesia. “We are delighted about the renewed focus on Princeville with our new owners coming on board. Cornerstone’s vision for the resort will showcase the resort’s attributes. We are very excited about our partnership with Cornerstone,” he added.
The 9,000-acre Princeville Resort includes the Princeville Hotel, two Robert Trent Jones Jr. designed championship golf courses, The Princeville Tennis Club and Pro Shop, Princeville Health Club & Spa and the Princeville Shopping Center.
Princeville Hotel commands one of the most spectacular views in Hawai’i overlooking Hanalei Bay. The hotel features 252 luxury guest rooms and suites, four restaurants and lounges, premier conference facilities and infinity designed swimming pool.