For Immediate Release
April 20, 2010
AMSTAR GROUP, LLC ANNOUNCES ITS INTENT TO PURCHASE
Hana, Maui – Amstar Group, LLC, a real estate investment and development company headquartered in Denver, CO, announced today its intent to purchase Hotel Hana-Maui. Ohana Hotel Company currently owns the Hotel Hana-Maui, with the transfer of ownership to Amstar Group, LLC anticipated to be completed in May. An Amstar subsidiary, Green Tea, LLC, will manage the property.
“We are choosing to invest in the Hotel Hana-Maui because we recognize Hana as a special place,” said Joy Berry, president of Green Tea, LLC. “Our efforts will be focused on travelers who have a great interest in ‘doing,’ offering them a wide variety of activities and providing them with a memorable experience in a memorable place.”
Amstar’s repositioning strategy calls for revamping current operations and creating new job descriptions that, in the short term, will mean a reduction in jobs. “A change in the existing operational model is critical to turning the hotel around and into a viable operation. Our revamped organizational structure will take a team approach requiring employees to have more than one role, so that no matter the task, we all work together and help each other out to ensure the long-term viability and success of the hotel and more jobs for the community,” said Berry.
In January of this year, Ohana Hotel Company first issued WARN (Worker Adjustment and Retraining Notification) notices to employees, letting them know of the impending sale of the hotel.
Green Tea, LLC will be hosting an employment fair within the next few weeks and is encouraging all interested employees and community members to attend and apply for jobs. The company is also reviewing operational functions that are more efficiently operated and managed by specialists, potentially creating job opportunities with outside contractors and within the community.
“We believe the Hotel Hana Maui, if repositioned in the marketplace, can be profitable and grow, offering more jobs. However, it will take hard work, resources, time and, most importantly, employees who support each other as we reposition the hotel,” said Berry.
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About Amstar Group, LLC: Established in 1987, Amstar Group is a leading real estate private equity firm headquartered in Denver. The company invests nationally in value-add acquisition and development opportunities, often with local partners. In its history Amstar has acquired, developed and sold more than $3.5 billion of real estate. Amstar’s current $2.0 billion portfolio includes a mix of office, multifamily and hospitality holdings in addition to a development pipeline of office, industrial, multifamily, mixed-use, and retail projects.
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