A beachfront parking lot at the Hyatt Regency Maui Resort & Spa will be home to a new $40 million time-share project.
A joint venture between Hyatt Hotels Corp. and Host Hotels & Resorts Inc. will build and operate Hawaii's first Hyatt Residence Club at the Kaanapali site, the companies announced Tuesday.
Host Hotels, which describes itself as a "premier lodging real estate company," owns the Hyatt Regency Maui and The Fairmont Kea Lani in Wailea.
The 131-unit property is expected to open in 2014 with 19 one-bedroom units, 100 two-bedroom units and a dozen three-bedroom units.
"The development of Hyatt Ka'anapali Beach, a Hyatt Residence Club, presents a remarkable opportunity to expand the Hyatt Residence Club system to include one of the most desirable vacation ownership destinations," John Burlingame, global head of residential development for Hyatt Hotels & Resorts, said in a statement. "Kaanapali Beach is one of Hawaii's most beautiful areas, and we believe that Hyatt Ka'anapali Beach, a Hyatt Residence Club will be a highly sought after addition."
Hyatt describes its Club properties as "regionally inspired residential-style properties." The Maui property will add to 15 other Hyatt Residence Clubs nationwide.
Features at the new property will include an 8,000-square-foot open-air lobby, a 75-seat casual dining restaurant, a pool with a multilevel pool deck and pool bar, and a fitness center.
In a separate joint venture, Hyatt is completing the Andaz Maui at Wailea Resort & Spa on the site of the former Renaissance Wailea Beach Resort.
The property, which will be Hawaii's first Andaz-branded resort, is expected to open next summer with 297 guest rooms and suites.