Note 6 - Assets Held for Sale

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block]

6. ASSETS HELD FOR SALE

Assets held for sale consisted of the 46-acre Central Resort project located in Kapalua. In December 2021, the Company entered into an agreement to sell the Kapalua Central Resort project for $40.0 million. Terms of the agreement were subsequently amended to include a closing condition requiring the Maui Planning Commission to approve a five-year extension of a Special Management Area (“SMA”) permit issued by the County of Maui. The Company allowed the agreement with the buyer to expire on April 11, 2023. The application for the extension of the SMA permit is being managed by the Company while the project continues to be marketed for sale and joint venture.

The above assets held for sale have not been pledged as collateral under the Company’s credit facility.