• Hyatt, Starwood Capital form jv

Hyatt Hotels and an affiliate of Starwood Capital have formed a joint venture to acquire an existing property and redevelop it into Andaz Wailea Resort and Residences, Hawaii.

Hyatt anticipates that its investment in the project will be approximately $90m. "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," said Barry Sternlicht, chairman and CEO of Starwood Capital.

See the full release here:
http://www.hyattpressroom.com/content/hyatt/en/news_releases0/2010/Hyatt-and-Starwood-Capital-Announce-Joint-Venture-to-Create-Andaz-Wailea-Resort.html

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