On September 4, 2009
Maui Prince Hotel’s Demise Greatly Exaggerated
The Maui Prince Hotel, faced with foreclosure, was in trouble. In the last few days, several sources reported that its parent Makena Hotel LLC planned to close the hotel and lay off 380 employees while its lenders looked for a new management company. (Everett Dowling and partner Morgan Stanley bought the 1,800-acre Makena Resort, which includes the hotel and a golf course, from Seibu Group of Japan in 2007 for $575 million.) The lenders, led by Wells Fargo, are now reporting there will be no closure. Yes, the property is being foreclosed upon, but an attorney for the lenders says there’s a new management company in place for an easy transition. Prince Hotels Hawaii said it was ending their management agreement on Sept. 16 for…
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