development a world-class beach resort, Renaissance Wailea Beach Resort property proposed as first a St. Regis and then a Baccarat hotel, but lack of financing ended both plans.
reprinted courtesy Maui News 10/26/10
WAILEA - Hyatt and Starwood Capital Group have announced the formation of a joint venture to acquire an existing Wailea property and redevelop it into Andaz Wailea Resort and Residences, an oceanfront resort on Mokapu Beach.
Although the announcement does not name the existing property, it apparently involves the Renaissance Wailea Beach Resort, which has been closed since September 2007. The property had been proposed as first a St. Regis and then a Baccarat hotel, but lack of financing ended both plans.
The Andaz project would feature 255 rooms and 35 suites ranging from 456 to 2,321 square feet, as well as six four-bedroom villas averaging about 3,500 square feet, the announcement said.
The property also would include a variety of amenities, such as a specialty restaurant, cascading outdoor pools with an adjacent bar and restaurant, a 15,000-square-foot spa, a gym, a lobby lounge and meeting spaces.
The hotel would be the second Andaz hotel designed by architect David Rockwell of Rockwell Group. The first hotel was the Andaz Wall Street in New York.
"The opportunity to develop a world-class resort along one of Hawaii's most desirable beaches is unique, and we are delighted to partner with Starwood Capital, a company with a long history of designing and building world-class hotel and resort properties," said Hyatt Hotels Corp. President and Chief Executive Officer Mark Hoplamazian.
According to a statement from BusinessWire, the project is estimated to cost $90 million and is expected to open in the fourth quarter of 2012.
reprinted courtesy Maui News 10/26/10, original link http://betav2.mauinews. com/page/content.detail/id/542125/Joint-venture-seeks-to-develop-Wailea-land.html?nav=10
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