The Maui Prince Hotel and Makena North golf course are closing on Sept. 16. Both are located in Makena Resort in southwest Maui.
According to a statement from Prince Resorts Hawaii president Donn Takahashi, the lenders of Makena Resort -- who filed a foreclosure action last week -- were unable to meet the funding terms and conditions required by Maui Prince Hotel LLC to continue as the management company for the hotel and golf course.
"Accordingly, Maui Prince Hotel LLC has no recourse but to give notice to terminate our management contract and cease operations of the hotel and golf operations," Takahashi said.
The closure puts around 380 full time, part time and casual staff out of work.
"This is a heartbreaking scenario," said Takahashi. "The Maui Prince is a well-run operation with a great heritage, excellent potential and wonderful employees that has fallen prey to the economic downturn. The majority of these employees have worked at the resort over five years with many going back to opening of the hotel in 1986."
The lenders have not indicated their future plans for the hotel and golf course, Takahashi added. "We are hopeful that ongoing discussions will continue to resolve the funding situation to smooth the transition to the new operator," he said.