The Ritz-Carlton resort in Hawaii was purchased by a partnership of Santa Monica, California-based Colony Capital Llc and Los Angeles-based Woodridge Capital Partners Llc, Bloomberg reported. Financial details for the acquisition were not disclosed.

In a statement, the new owners said they intend to invest more in the luxury piece of real estate located on the island of Maui. The new owners included Colony Financial Inc, an affiliate company of Thomas J. Barrack's Colony Capital. Marriott International Inc will continue to run the resort under the same Ritz-Carlton brand name, the report said.

Woodridge Capital Partners Founder Michael Rosenfeld said in the statement, "With its special character, remarkable location and precious natural resources, the Ritz-Carlton Kapalua is a rare property that would be nearly impossible to duplicate today."

The two firms bought the resort as demand for accommodation in islands in Hawaii increases. Figures from STR, a Tennessee-based research firm, revealed that occupancy rate for hotels in state was at 80% in January. This represents the highest all over the US, the report said.

Lehman Brothers Holdings Inc was the resort's financier before it went bankrupt in 2008 and took control when it foreclosed on the loan. In March 2006, a joint venture between Goldman Sachs Group Inc and Gencom Group acquired the Ritz- Carlton Kapalua. Renovations were made on the property before the venture defaulted on a $260 million loan from Lehman, the fourth biggest investment banker in the world before its bankruptcy, in April 2009, the report said.

Information from the resort's website said that the Ritz-Carlton Kapalua is situation on a spacious area spanning 54 acres or 22 hectares. It has 463 guest rooms and suites. Among its amenities are a spa and a couple of championship golf courses. It also provides guests with direct access to the secluded D.T. Fleming Beach.