Wednesday, November 25, 2009
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Mortgage lender trustee seeks to keep Maui Prince Hotel open
POSTED: 03:40 p.m. HST, Sep 01, 2009
Wells Fargo Bank, trustee of the mortgage lender for the Maui Prince Hotel Makena Resort, has had its request granted to hold an emergency hearing to appoint a receiver to take over operations of the resort.
Circuit Court Judge Shackley Raffeto will preside over the hearing at 10:30 a.m. Tuesday on Maui. Once a receivership team is appointed, it would take over the property and begin transitioning to new management.
Operations at the resort have been uncertain since foreclosure proceedings began setting in play a chain of events that could have resulted in the closure of the Maui Prince Hotel and Makena Golf Course and the layoff of as many as 380 employees.
Wells Fargo has made clear its intent to keep the hotel operating and most of the workers employed. The mortgage lender's trustee got involved after hotel owners Everett Dowling Co. and the Morgan Stanley real estate fund stepped away from their investment and Maui Prince Hotel LLC, the hotel's current management company, announcement yesterday that it intended to terminate its contract on Sept. 16.
Wells Fargo Bank, trustee of the mortgage lender for the Maui Prince Hotel Makena Resort, has had its request granted to hold an emergency hearing to appoint a receiver to take over operations of the resort.
Circuit Court Judge Shackley Raffeto will preside over the hearing at 10:30 a.m. Tuesday on Maui. Once a receivership team is appointed, it would take over the property and begin transitioning to new management.
Operations at the resort have been uncertain since foreclosure proceedings began setting in play a chain of events that could have resulted in the closure of the Maui Prince Hotel and Makena Golf Course and the layoff of as many as 380 employees.
Wells Fargo has made clear its intent to keep the hotel operating and most of the workers employed. The mortgage lender's trustee got involved after hotel owners Everett Dowling Co. and the Morgan Stanley real estate fund stepped away from their investment and Maui Prince Hotel LLC, the hotel's current management company, announcement yesterday that it intended to terminate its contract on Sept. 16.
Today’s Edition
- Friends and associates join search for missing kayaker
- Legislators cancel party plans
- Teachers willing to return for restored furlough days
- Harbor officials eye fee increase
- Mammograms: Do I really need this?
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- By Request: Help others and collect the year's best recipes
- The Electric Kitchen: Desserts offer options to usual pumpkin pie
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- Da Kine
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- Medeiros catches on at slot
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- Say and Look have Aiea and 'Iolani talking, watching wins
- Cincinnati rolls through Maryland at Maui Invitational
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- Hawaii Beat
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