The year’s largest single-asset hotel sale has unfolded in Hawaii. Last week, the Makena Resort on the Hawaiian island of Maui was sold to Morgan Stanley Real Estate Fund V US and the Dowling Company Inc. for $575 million. A trio of owners that included Lokelani Resort Corp., Maui Prince Hotel LLC, and Makena Wastewater Corp. sold the 310-room hotel property located on Maui’s southern coastline. Fittingly, Makena means “abundance” in Hawaiian.

Located on Maui’s southern coast, the sale included the Maui Prince Hotel, two 18-hole Robert Trent Jones Jr. designed golf courses, and roughly 1,317 acres of vacant land.

This closing represents the second largest hotel sale in history, following the 2004 sale of the Plaza Hotel in New York. El Ad Group bought the Plaza for $675 million.

“With 45 tours and 17 bids in the first round, the market spoke: Ocean-front resorts in Hawaii will trade at [more than] $1 million a key, all in,” says Arthur Buser, managing director for Jones Lang LaSalle Hotels, who represented the seller in the transaction. “The Hawaiian hotel markets are white hot both from a capital and guest demand perspective.”