Wailea Beach Villas

ailea Beach Villas at Lai Honua will consist of 98 luxury condominiums on a 10.74-acre parcel located on the oceanfront in the heart of the Wailea Resort, a master planned community located on the beautiful shoreline of

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THE PACIFIC
EDGEWATER ON OCEAN

south Maui, Hawaii. The property is located between the Grand Wailea Hotel to the south and the Outrigger Hotel to the north. The Wailea Shops, which opened in November 2000, as situated to the east. The property enjoys access to its own beach area and the many ocean vistas of Wailea.
     The property was acquired in April 2000 by Lai Honua LLC, a joint venture between Lokahi Ventures LLC ("Lokahi") and Lehman Brothers Holdings. Lokahi, a co-investor in the ownership acting as the development manager, was founded by Paul Lambert and Mark Whiting. The principals of James Ratkovich & Associates are also investors in Lokahi, and are an active part of the development team.
     The 1,500-acre Wailea Resort is a master planned resort community considered by many to be among the finest planned resort developments in the world. Wailea has emerged as a top luxury destination in Hawaii and has won numerous awards from the Urban Land Institute, Travel & Leisure, Conde Nast Traveler, Golf Digest, Tennis World, among others, for its renowned beaches, golf, tennis, and hotel amenities.
     Wailea Beach Villas will include 98, two, three and four bedroom residences, ranging from 1,900 to over 3,100 square feet, with top-of-the-line appointments, appliances and communication technologies. Residents will enjoy the golf and tennis amenities of the Wailea Resort as well as the various services of the resort and adjacent hotels.
     As of this writing, construction drawings are being completed with the anticipated start of construction to occur in mid-2003. Pre-sales of the units will occur in the 4th quarter of 2002. Actual date and timing may change.