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The Grand Wailea Resort Hotel & Spa in Hawaii and four other luxury resorts filed for bankruptcy after lenders including Paulson & Co., one of the world’s biggest hedge funds, seized them from Morgan Stanley’s real estate funds.

The Grand Wailea, a Waldorf Astoria resort built in 1991, covers 40 acres along Maui’s southwestern shore and has 780 guest rooms at rates starting at $369 a night, according to its website. Another property in bankruptcy, The La Quinta Resort & Club PGA West in California, sits on 45 acres and has a spa, five clubhouses and nine golf courses, according to court papers.

Occupancy rates and average rates for rooms have fallen, with revenue per available room down 26 percent last year from 2007, according to court papers. Hotel guests also spent less in spas, restaurants and stores at the resorts, cutting net operating income to $56.4 million in 2010 from $153.2 million three years earlier.

Tom Costello is the CEO, Partner & Co-Founder of Groups International, a company that provides marketing, consultative services, and technology solutions to the group and leisure travel markets.  Connect with him on TwitterLinkedIn, and Facebook or contact him by email.