Just like homeowners who fall behind on their mortgage payments sometimes “hand in the keys” and walk away, the investors who bought the Grand Wailea resort in 2007 are giving up their ownership.
The big Maui resort and seven others that were pledged for a huge loan have been taken over by the lenders, according to a report by Bloomberg News in New York.
The loan, originally for $1 billion, was coming due next month.
On Monday, Grand Wailea General Manager Matt Bailey said the change in ownership wouldn’t have any immediate effect on operations, which are under a long-term contract with Hilton.
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