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Maui Prince Hotel to remain open under new management

Maui_Prince_Hotel_Makena_new_managementThe Maui Prince Hotel at Makena Resort will remain open at least for the near future.

The resort’s mortgage lender, Wells Fargo Bank, yesterday announced the selection of Texas-based Benchmark Hospitality Management as the resort’s new management company, effective Sept. 17. The resort’s current management company, Prince Hotels Hawaii, will end its operating contract, as planned, the day before.

Benchmark plans to change the name and branding of the resort.

Prince Resorts Hawaii announced on Aug. 31 that it intended to terminate its management contract on Sept. 16—a move that threatened continued operation of the Maui Prince Hotel and its Makena North golf course. At the time, Prince Resorts Hawaii cited that it had been unable to secure funding for the hotel and golf course’s payroll and operating expenses from the owners and lenders of the Makena Resort, on which both properties are located.

A consortium of Makena Resort lenders led by Wells Fargo Bank had filed a foreclosure action on the resort on Aug. 24, alleging that the property’s owners had defaulted on a mortgage loan of $192.5 million.

Prince Hotels Hawaii said on Aug. 31 that it decided to terminate its contract when owners and lenders failed to guarantee future funding of the hotel and golf course by a deadline both parties had set.

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Check out these related HawaiiMagazine.com posts:
Maui Prince Hotel management plans resort shutdown Sept. 16
Prince Resorts Hawaii offers family, kid-friendly summer deals
Waikiki’s Ilikai Hotel reopens today with discounted room rates

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