(update: management contract ended, hotel may stay open...someone is working hard to keep the place open!)
Sad news tonight from the Land of Economic Hardship. Brides, Vendors and hundreds of employees will miss this long standing icon of the Makena beach area of Maui....
Maui Prince Hotel shutting Sept. 16, laying off 380 workers
By Associated Press
POSTED: 05:58 p.m. HST, Aug 31, 2009
The 310-room Maui Prince Hotel is going out of business in two weeks.
Prince Resorts Hawaii President Donn Takahashi said today that 380 employees will lose their jobs when the property and two neighboring golf courses are closed Sept. 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.