Note 2 - Assets Held for Sale

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

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

2. ASSETS HELD FOR SALE

At

December 31, 2020

and

2019

assets held for sale consisted of the following:

	2020		2019
	(in thousands)
Kapalua Resort, 46- acre Kapalua Central Resort project	$	2,978	$	2,938
Kapalua Resort, Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. assets		4,306		4,503
Upcountry Maui, 630-acre parcel of agricultural land		156		156
	$	7,440	$	7,597

None

of the above assets held for sale have been pledged as collateral under the Company's credit facility.

In

February 2020,

the Company entered into an agreement to sell the Kapalua Central Resort project for

$43.9

million. The closing of the transaction is contingent upon, among other things, the satisfaction of certain customary closing conditions, including a due diligence period. Due to the State of Hawaii's COVID-

19

restrictions, including those for transpacific travelers, the due diligence period was extended to

July 15, 2021.

The closing date of the sale is expected to be

30

days after the last day of the due diligence period.

In

December 2019,

the Company entered into an agreement to sell the Kapalua Water Company, Ltd. and Kapalua Waste Treatment Company, Ltd. assets for a purchase price of approximately

$4.3

million, including a Capital Expenditures Adjustment, as defined in the agreement, to be determined at closing. The closing of the transaction is contingent upon, among other things, the satisfaction of certain customary closing conditions, and approval by the Hawaii Public Utilities Commission (PUC).