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A Memphis, Tenn.-based company has acquired the luxury Montage Kapalua Bay property in West Maui.

KWC Management LLC, the hospitality investment management company of parent company Kemmons Wilson Companies LLC, announced Wednesday that the deal had closed, following an engagement that began in the early spring.

“Since first visiting Hawai’i in the early 1980s, we have held a profound respect for the islands, their culture and people, and we have grown only more intrigued through the process of making Montage Kapalua Bay part of our portfolio,” Webb Wilson, CEO of KWC Management, said in a news release Wednesday. “In light of the current tragedy, we grieve for the people of Maui. We intend to find ways to be involved in caring for the displaced residents and community of West Maui. Under our ownership, the resort will continue to offer programming that enlightens guests on Hawaiian cultural practices and history and benefits their personal wellness and renewal.”

Kemmons Wilson Companies is known primarily as the founding enterprise behind the Holiday Inns hotel chain and Holiday Inn Club Vacations, according to the news release. The family and affiliated companies have invested nearly $2 billion in hospitality-related acquisitions and currently own and/or manage more than 100 hospitality assets globally.

The sales price for the Montage Kapalua Bay was not disclosed in the announcement.

Perched on 24 acres on the cliffside overlooking Namalu Bay, the resort features 146 residential-style, multibedroom suites; four restaurants and bars, including signature restaurant Cane and Canoe; more than 28,000 square feet of outdoor event space and indoor space for meetings and functions; and the 40,000-square-foot Spa Montage.

In 2013, Montage Hotels and Resorts took over management of what was then known as The Residences at Kapalua Bay. The resort underwent a $15 million renovation and opened as the Montage Kapalua Bay in 2014, according to a Montage news release at the time.