Last week, we passed along a report about the troubles at Makena Resort in Maui: Investors who had bought the resort two years ago with plans for a 15-year, $800 million development, are now in default on their $192.5 million mortgage.
Thursday, Pacific Business News had an update on the situation. According to this story, a new management company (so far unidentified) will take over the operation of the resort, which includes the Maui Prince Hotel and Makena golf course. According to Barry Sullivan, a spokesman for Wells Fargo Bank, which holds the note on the mortgage, both the hotel and the golf course will remain open for business.
"The threat of closing has disappeared," Sullivan told Pacific Business News. "We are confident there will be a smooth transition to the new resort management company."