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Maui Prince Hotel to Close

September 1, 2009 By: Jena Tesse Fox

The Honolulu Star-Bulletin is reporting that the 310-room Maui Prince Hotel will be going out of business in two weeks.

Prince Resorts Hawaii President Donn Takahashi said today that 380 employees would lose their jobs when the property and two neighboring golf courses close on September 16.

He said the creditors of Makena Resort, which owns the Maui Prince, are unable to meet the funding terms needed to continue operations.

The announcement comes one week after Makena Resort’s trustee, Wells Fargo Bank, filed a foreclosure complaint against the resort’s owners.

The complaint accused the partnership of Dowling Co. and Morgan Stanley Real Estate of defaulting a $192.5 million loan taken out to buy the resort in 2007.

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