The Renaissance has a New Owner/Developer
Hyatt Hotels Corporation (NYSE: H) and an affiliate of Starwood Capital Group, a leading global private investment firm focused on real estate, announced today that affiliates of Hyatt and Starwood Capital Group have formed a joint venture to acquire an existing property and redevelop it into Andaz Wailea Resort and Residences, an ocean front resort on Mokapu Beach in Maui, Hawaii, within the premier master planned resort of Wailea.
Hyatt anticipates that its investment in the project will be approximately $90 million. Slated to open in the fourth quarter of 2012, Andaz Wailea Resort and Residences will mark the expansion of Hyatt's Andaz brand into a key resort market. Andaz Wailea Resort and Residences will be located along 600 feet of Mokapu Beach in one of the most sought after leisure and resort destinations in North America. The Wailea master plan includes a 1.2 mile-long oceanfront beach path connecting all of its world class beaches, a premier shopping center, distinguished restaurants and a 54-hole golf club and a tennis club. Andaz Wailea will feature 255 rooms and 35 suites ranging from 456 to 2,321 square-feet, as well as six four-bedroom villas averaging approximately 3,500 square-feet.
The property will include a variety of amenities including a three-meal specialty restaurant, cascading outdoor pools with an adjacent bar and specialty restaurant, a 15,000 square-foot spa, gym, lobby lounge, and meeting space. The hotel will be the second Andaz hotel designed by internationally acclaimed architect and designer David Rockwell of Rockwell Group, following the January 2010 debut of Andaz Wall Street in New York City. "The opportunity to develop a world-class resort along one of Hawaii's most desirable beaches is unique, and we are delighted to partner with Starwood Capital, a company with a long history of designing and building world-class hotel and resort properties," said Hyatt Hotels Corporation President and Chief Executive Officer Mark S. Hoplamazian. "
Andaz Wailea will be a great addition to Hyatt's resort portfolio and an important new market for Andaz." "Wailea is truly one of the world's great treasures and we are very pleased to deepen our relationship with Hyatt through this partnership and create a unique destination resort there," said Barry S. Sternlicht, Chairman, Chief Executive Officer of Starwood Capital Group. "The burgeoning Andaz brand is a perfect fit for this vibrant community and the partnership structure with Hyatt ensures we will bring the best of both companies together to create a stunning property. Having been intimately involved in the design of the asset, it will be exciting to see it come to life as the Andaz Wailea." Personal and uncomplicated, Andaz is a new hotel experience that blends fresh, engaging hospitality and stylish, vibrant settings, created with simplicity and locality in mind.
Andaz Wailea will join Andaz Liverpool Street, London, Andaz West Hollywood, Andaz Wall Street, Andaz San Diego and Andaz 5th Avenue. Additional Andaz hotels under development include Andaz Amsterdam, Andaz Delhi, India; Andaz Papagayo, Costa Rica; Andaz Sanya Sunny Bay, China; and Andaz Turks and Caicos.
SOURCE: Hyatt Hotels Corporation Hyatt Hotels & ResortsLaurie Cole, 312-780-5935 firstname.lastname@example.org