"We are very pleased to acquire this well-located property. We are committed to making the Outrigger Waikoloa Resort one of the Big Island's premier hotels and an integral part of the successful Waikoloa Beach Resort," said David Carey, president and chief executive officer of Outrigger Enterprises. "We are especially pleased that the property will be owned by a Hawaii-based company. This reaffirms Outrigger's commitment to the state," Carey added.

No changes are anticipated with the hotel employees. "We expect the transition will be seamless, with little disruption to our employees, our guests or our business partners," Carey said.

Outrigger Waikoloa Resort is in the oceanfront 500-acre Waikoloa Beach Resort on the Kohala Coast of the Big Island of Hawaii. The hotel is situated on 'Anaeho'omalu Bay where guests can enjoy a range of beach activities on the resort's pristine white-sand beach. "The Kohala Coast is one of Hawaii's most vibrant tourist destinations, and we are committed to providing our guests comfortable accommodations which emphasize the unique heritage of the location," Carey added.

TAAS Associates is a partnership that includes Transcontinental Corp. of Santa Barbara, California; AtPac, a Fort Worth-based real estate company; and Hawaii's Outrigger Hotels & Resorts.

Outrigger Enterprises, Inc., is a diversified real estate investment company based in Honolulu, Hawaii. It is the parent company of Outrigger Hotels & Resorts, the  largest full-service lodging and hospitality company in Hawaii and the 50th largest in the world. In Hawaii, Outrigger operates more than 9,000 rooms in 28 hotels and resort condominiums. Outrigger has managed The Royal Waikoloan hotel since 1991. The company also has properties open or under development in Australia, Palau, Guam, French Polynesia, Fiji and the Marshall Islands. Outrigger's affiliate, Outrigger Lodging Services, manages nearly two dozen hotels and resorts throughout the U.S. Mainland.