Coco Palms Ventures Deal Now Signed, Sealed and Delivered

Coco Palms Ventures has finalized the purchase of the soon-to-re-open Coco Palms Resort on the island of Kaua´i.

The sale encompasses 16.4 acres of prime real estate and an additional 17 acres of State leasehold land (the storied coconut grove). Purchase price was not disclosed.

Coco Palms Ventures, LLC is a joint venture between The Weiser Companies, Inc., and Petrie Ross Ventures, with a $220 million restoration that will retain much of the resort´s original ambience.

The project will feature bungalow-style hotel rooms and luxury condominiums, two restaurants, a spa and more. The construction period is expected to last 22 months with an anticipated opening in Summer 2008.

The legendary Coco Palms opened in 1953 as an iconic Polynesian getaway. The resort was named for its idyllic 2,000-tree coconut grove, and featured atmospheric accommodations “no taller than a coconut tree” complete with thatched roof cottages, outrigger canoe beds and clamshell sinks.