We have some new information on the timing of the tear-down of the Renaissance and what is going to replace it. (The following dates and pricing are only approximations and are subject to change.) The hotel will close around September 6 and demolition will commence around October 1. Construction on Baccarat Wailea will begin around January 1, 2008. Starwood Capital and Kobyashi are co-developing the site and Starwood is branding a new line of five-star properties with the Baccarat name.

The property will consist of 193 fee-simple condominiums in three parts of the Resort in two and three-story buildings. Along the oceanfront will be very large (2500-3000+ square feet) two,three and four bedroom units. Pricing will be $6 million to $9 million. In the central resort will be primarily one-bedroom units of 1200 square feet starting below $2 million and going well above that. In the upper resort (closest to Wailea Alanaui) will be two and three-bedroom units for from $3-$6 million. Given the layout and the tiering of the resort, nearly all units will have excellent ocean views. Bottom floor units will have plunge pools and top floor units will have vaulted ceilings. The units will come furnished and the finishes will likely be the mahogany, granite, marble, Wolfe, Sub-Zero level one would expect.

The resort will have valets, butlers, concierges, room service, maid service etc. All parking will be underground and except for check-in there will be no automobiles on the property. Guest and owners will be conveyed via “buggies” around the resort. There will be two restaurants on-site, a 10,000 square foot spa, a large fitness center, children’s pool, water features etc.

The initial sales will commence on July 27 of this year. While no specifics are yet available, our best guess is that this will be a $50,000 upon contract, 10% after 30 days and another 10% shortly thereafter. Construction is estimated at 32 months.

If we can answer any questions or if you have an interest in this project, please contact us!