HONOLULU -- Maui Land and Pineapple Co. Inc. announced on Tuesday that it has reached an agreement to sell The Plantation Golf Course.

TY Management Corp. will pay $50 million for the course that features the first PGA Tour event of the season. The course hosts the Mercedes Benz Championship in January. The event is for winners of the previous season only.

MLP officials said the new owners are committed to the PGA Tour event.

"We expect our golf team, led by Gary Planos, to continue to operate The Plantation Course in a manner that has led to Kapalua Resort's world-wide recognition as the number one golf resort in Hawai‘i and host site for the prestigious PGA TOUR season opening event, the Mercedes Benz Championship. We would not have entered into this transaction if the new owner did not share our commitment to provide the highest quality golf experience and to work closely with us to maintain a seamless and integrated resort experience for our guests and residents," MLP President and Chief Executive Officer Robert Webber said in a written statement.

As part of the deal, MLP's subsidiary, Kapalua Plantation Golf LLC, will operate The Plantation Course in a two-year deal that will be renewable, the company said.

MLP will use the $50 million to reduce debt, officials said.

Last year, the company laid off hundreds of workers in cost-cutting moves. MLP also cut salaries by remaining workers by 10 percent.