The Maui Prince Hotel in the news...
There has been a lot of news lately about the luxury resort on Maui's south shore - Makena's Maui Prince Hotel.
Two years ago this resort and the 310-room hotel was bought by developer Everett Dowling and Morgan Stanley for $575,000,000. Fast forward to now, and things aren't looking so bright for the beachfront vacation destination.
Just this Monday, the foreclosure was filed in 2nd Circuit Court on Maui. Dowling told The Maui News that he is in default on the loan and that he has been in discussions with the lender for four months. He said the debt on the property totaled $411,000,000.
Last summer we enjoyed a relaxing stay at the hotel and we were thinking about doing it again. Maybe now is a good time to take advantage of their Kama'aina specials.
Including its union staff, the Maui Prince employs about 380 people full time, part time and as casual workers.
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What else is happening in this part of the island?
The economy is the reason. . hotels and popular tourist places need to be more realistic on their prices. . everything has come down except those $300 per night rooms with $10 coffee lattes and $5 water bottles
Thanks for the information, Georgina. It has been five years since we have visited Maui, and Makena is my favorite beach on the island. I hope the employees are able to keep their jobs through the bankruptcy process.
Georgina, What a shame to hear that. I imagine the costs of running and keeping this beautiful place up must be quite high and they do need vacationers who are spending some money. Many people decided to forego a vacation this year or stay closer to home.
Mary,
I am sorry to hear that this resort is having problems! It is a beautiful place. I have been thinking about a warm place to visit this winter! I will have to consider making those plans soon!
Have a wonderful week!
Judy
It is to bad, but they should have been trying to antice new customers with lower than usual rates and special offers to help in these trying times...
Fernando - you got it!
Bruce - I hope so too, they need their jobs.
Carole - this resort has always struggled despite the beautiful location
Judy - there's plenty of nice places to stay on Maui besides this hotel
Diane - they have been trying to get us there, with special offers... I hear that rooms are as low as $99. that's tempting!
Georgina, lets hope that things turn around soon for everyone!
Georgina,
I thought they were closing the doors in 2 weeks and the golf course???? but if staying open with low rates what a great time to come and visit.. maybe with some increased occupancy.. they could do a loan modification @#$^&?, and pull out... this is sad but I think we are going to see commercial real estate start to come up like this as the business will just not support the debt structure.
Carra Riley aka Cosmic Cow Pie
OUCH! Hotels here are having a hard time with convention, gaming and occupancy down too. I have seen a ton of new projects fold because of the economic status. Hopefully something can be worked out...........QUICKLY!
These are tough times for sure, but we will get through it. Thanks for all the comments.
I have always wanted to go to Hawaii, but the hotel prices always seemed so unaffordable (to me, anyway). Everyone is being affected by the recession, and hotels and tourist attractions need to re-think some of their pricing, if they expect people to leave home for vacation, these days. Many people are staying closer to home, because the prices of some things just have not come down, and it's way too expensive to take the family away. Hopefully someone can turn that around for the Prince Hotel. It does look like an amazing location - one I hope to see one day.
What a bizarre tale. Just goes to show that this economic downturn affects everyone every where, even in your part of paradise! I hope you are enjoying a good Labor Day holiday!