MAUI, HAWAII 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.
“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,” says Hyatt President and CEO Mark Hoplamazian. “Andaz Wailea will be a great addition to Hyatt’s resort portfolio and an important new market for Andaz.”
The hotel will be the second Andaz designed by internationally David Rockwell of Rockwell Group, following the January 2010 debut of Andaz Wall Street in New York City.
“Wailea is truly one of the world’s great treasures, and we are very pleased to deepen our relationship with Hyatt through this partnership and create a unique destination resort there,” says Barry Sternlicht, chairman and CEO of Starwood Capital. “The burgeoning Andaz brand is a perfect fit for this vibrant community and the partnership structure with Hyatt ensures we will bring the best of both companies together to create a stunning property. Having been intimately involved in the design of the asset, it will be exciting to see it come to life as the Andaz Wailea.”