Bruce Baron, the owners' representative in Hongkong, said a combination of a downturn in business because of the worldwide depression and retirement plans were the prime reasons for selling.
The properties have been on the market since the beginning of the year.
But Mr Baron believes an imminent increase in the number of tourists visiting the islands will generate interest.
Owners Muk McCallum, Hugh Kelley and Jay Carlisle arrived in Tahiti - part of French Polynesia - in the early 1960s and set up a vanilla plantation.
Eventually, they built a small hotel on the island of Moorea. A second Bali Hai followed soon afterwards on the nearby island of Raiatea.
When an airport was opened on the island of Huahine in 1972, the partners constructed bungalows on a beach on an island lagoon.
The result, they say, is the South Pacific's most picturesque and unique hotel, the Bali Hai Huahine.
In the last five years, business has dropped on the island, with cash-strapped tourists forsaking exotic destinations for ones closer to home.
Mr Baron said he was pushing the developments as a real estate venture as opposed to a going concern.
''To be honest, the last few years have not been good. The owners have reduced rates.'' Mr Baron said the hotels were breaking even with an average 55 per cent occupancy rate.
But things were getting better, Mr Baron said.
''Sales are up this year and the rates have been raised. It's now at a stage where the owners are breaking even with between 30 and 35 per cent occupancy, and are getting up to 80 per cent occupancy.
''This has the potential to be a very profitable business. In terms of real estate, there is a chance you are going to make substantial amounts of money.'' Mr Baron said the hotels, with a total of 142 units, could be sold together or individually.
He added that there was an optional sale on adjacent land at the Moorea site for expansion or new development.
''The 'Bali Hai boys' are now in their 60s, and would prefer to sell the properties at a reasonable price and retire, or, if required, act as consultants on a part-time basis,'' Mr Baron said.
''The potential for the properties is unlimited and it is anticipated that income will increase dramatically in the coming years.
''Present cost of construction is about $150,000 per unit.'' Existing and potential sites allow for almost 500 units of various sizes, according to the owners.
The majority of the properties are deeded free. The remainder were on long leases - due to expire in 2010 - which were sure to be renewed, the owners said.
Mr Baron said because the islands were under French jurisdiction, there were no immigration problems for Hongkong people.
He added that the area's tax laws were also beneficial.
A fourth complex, Club Bali Hai, is a a time-share development and is almost fully booked all year. It is not part of the deal.
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