Once home to cattle ranches and sugar plantations, Kauai’s luxurious Princeville Resort was the first large scale community of its kind on the island. Today, it has been sold to a new owner. Thai-Chinese businessman Chanchai Ruayrungruang’s Reignwood International has purchased 1,103 acres at the resort in Hanalei, including the golf course, for a whopping $343 million.
While rumors of the sale had been circulating, this is the first major exchange between Chinese investors in Hawaii. Ruayrungruang has been noted saying, “Hawaii’s culture has deep roots in Asian heritage as many of my good friends cherish the Islands and have made them their preferred vacation destination or home,” and that “We’re excited to be part of the Kauai and Hawaii communities. The island’s natural beauty is spectacular, and its open countryside translates well to our sustainability goals for our communities.”
Employees have nothing to worry about and operations will continue on as usual. Perhaps this marks the beginning of many real estate transactions to come between Kauai and our friends in the far east.