Monday November 26th, 2012 - 6:15AM
MAUI, HI–Host Hotels & Resorts has completed a joint venture agreement here with an affiliate of Hyatt Hotels Corp.
Under the terms of the joint venture, the Bethesda, MD-based REIT and the Hyatt affiliate will develop and own a 131-unit vacation ownership project, the Hyatt Ka’anapali Beach in Maui, located adjacent to the company's Hyatt Regency Maui Resort & Spa. A Hyatt affiliate will invest an estimated $40-million in the property. Construction has begun and the facility is expected to open in late-2014.
The 131-unit property includes 19 one-bedroom units, 100 two-bedroom units and 12 three-bedroom units. It will also offer an 8,000-sq.-ft. lobby, a retail store, a 75-seat casual restaurant, a pool with a pool bar and a 3,300-sq.-ft. fitness center.