The Makena Resort, which was purchased by a Maui developer and Morgan Stanley two years ago for $575 million, is in foreclosure.
The partnership between developer Everett Dowling and Morgan Stanley created to purchase the 1,800-acre resort owes $192.5 million in principal, plus interest and late charges, according to the foreclosure lawsuit filed Monday in 2nd Circuit Court on Maui by Wells Fargo, acting in its capacity as trustee for the registered holders of the commercial mortgage securities that secured the property.
Prince Resorts Hawaii, which operates the Maui Prince Hotel and the Makena North Golf Course, was notified Tuesday that the foreclosure had been filed in 2nd Circuit Court on Maui on Monday.
READ FULL ARTICLE
Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment