Wednesday, November 25, 2009
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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.
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.
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?
- Thanksgiving Day events serve food to those in need
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- Newswatch
- Police and Fire
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- The Electric Kitchen: Desserts offer options to usual pumpkin pie
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- Wahine advance to WAC final
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- Prep World: Jamora ready for Govs
- Prep World: Athletes of the Week
- Prep briefs
- Say and Look have Aiea and 'Iolani talking, watching wins
- Cincinnati rolls through Maryland at Maui Invitational
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- Local aces
- Hawaii Beat
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- TV & Radio
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