Hyatt Hotels Corp. and Starwood Capital have formed a joint venture to develop an Andaz resort in Maui.
Affiliates of the two companies have acquired a former Renaissance hotel on Mokapu Beach and will redevelop it into the Andaz Wailea Resort and Residences. Hyatt said it expects its investment in the project will be about $90 million.
"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 CEO Mark Hoplamazian.
Starwood Capital is headed by Barry Sternlicht, who as the former head of Starwood Hotels developed the W brand. Andaz is Hyatt’s new upper-upscale lifestyle brand, which competes with W.
"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," Sternlicht said.
Scheduled to open in late 2012, the Andaz Wailea will have 255 rooms, 35 suites and six four-bedroom villas.