Owner of Successful Maui Hotel Walks Away From Debt

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It appeared that the Grand Wailea resort on Maui was doing pretty well. Its owner was planning a $250 million, 310-room expansion. But the hotel was purchased in 2007 at the peak of the real estate boom by Morgan Stanley Real Estate. Then came the recession. Attempts to refinance the debt were apparently unsuccessful. And so the resort has been taken over by its lenders. The management of the hotel says it won’t have any immediate effect on operations. The hotel is run by Hilton.

Read it at The Maui News.

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