UPDATE, 9/1/2009 (Continued):

"The lender wants a solution but it has now become evident that there are serious operational concerns," said Sullivan, in the statement. He claimed that under current management, the hotel had been losing an estimated $1 million per month. "Despite these losses, Maui Prince (management) had been unable or unwilling to provide the lender with an accurate projection of losses and cash needs."

Sullivan also said plans are in motion to recruit a new hotel operator to take over management from Maui Prince LLC.

"We are very encouraged that local, respected hotel management companies have stepped forward and are preparing themselves to take over hotel operations on Sept. 16," said Sullivan.



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Maui Prince Hotel to remain open under new management
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It’s Prince Kuhio Day in Hawaii