Three things caught my eye in this report in today's Maui News, on the $54.2 million second-quarter loss at Maui Land & Pineapple Co.
The company blames part of the loss on the Residences at Kapalua (pictured), a very high-end development with 84 condos overlooking the ocean. The company closed on only one sale at the Residences in the second quarter, along with a few fractional ownerships, the paper says.
Its Ritz-Carlton Kapalua Resort is reporting increased occupancy rates but it's had to offer massive price breaks to achieve them. A night at the Villas, already reduced to $199, has been cut again to $169. This includes a $100 resort credit.
These discounts are spilling over to the resort's two golf courses as well, including Plantation, site of the tour's season-opening Mercedes-Benz Championship. To boost rounds played, the resort is offering all-you-can-play for four days for $399. (Combine that with the resort credit and it's $299 for four days of all-you-can-play.)
Boss, I need to get to Maui, right now.