Two huge commercial real estate properties were purchased this past week by the LDS Church through their real estate companies, Hawaii Reserves LLC and Farm Land Reserves. The LDS Church purchase a resort hotel on the island of Maui for 149 Million dollars and thousands of acres of land in Washington State for 209 Million dollars. Total price tag for this week's real estate shopping spree: 357,000,000.00.
What I find so interesting is that not even Bill Gates came up with enough money to win the bid over the LDS Church to purchase the land in Washington State. Here are the news articles.
It was reported this week that the LDS Church purchased a resort hotel on the island of Maui for 148,000,000.00 dollars. Here is the link to the business journal article. The resort hotel was completed in 2016. The Church believes it has the responsibility to invest their money wisely and this includes investing in the stock market and buying and managing real estate. This hotel that rents for almost 1000.00 a night is the latest real estate holding they have acquired.
I would assume that most members would have a hard time believing this. They might say, well it is not actually the church that bought it, but an "affiliate" of the Church. Well, the definition of affiliate is an officially attached or connected (a subsidiary group or a person) to the organization.
What is interesting is that these business deals are never reported to the LDS members. However giving money to help Black Americans is all over the national and local Church News. While that is great to help the NAACP organization (which happens to promote Critical Race Theory) is less than 3 percent of what they spent on real estate this past week.