Hyatt Hotels Corp. and an affiliate of Starwood Capital Group have formed a joint venture to acquire an existing property and redevelop it into Andaz Wailea Resort and Residences, an oceanfront resort on Mokapu Beach in Maui, Hawaii, within the premier master-planned resort of Wailea.
Slated to open in the fourth quarter of 2012, the 290-key Andaz Wailea Resort and Residences will mark the expansion of Hyatt’s Andaz brand into a key resort market. The existin property is the former Renaissance Wailea, which has been closed since 2007.
Andaz Wailea Resort and Residences sits along 600 ft. of Mokapu Beach in one of the most sought-after leisure and resort destinations in North America. The Wailea master plan includes a 1.2 mile oceanfront beach path connecting all of its beaches, a shopping center, restaurants, a 54-hole golf club and a tennis club.
Hyatt anticipates that its investment in the project will be approximately US$90 million.
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