Developers to secure funding for Kauai resort demolition
DENNIS ODA / NOV. 12, 2013
Developers seeking to rebuild the shuttered Coco Palms resort say they hope to finalize a deal to finance the project.
LIHUE >> Developers seeking to rebuild the former Coco Palms resort site on Kauai say they are close to securing funding for demolition of the property.
John Pang with Honolulu-based Coco Palms Hui LLC said they expect to finalize on a deal with Utah-based lending company Private Capital on Thursday.
“This morning, we received confirmation from escrow of the receipt of the funds necessary to acquire the property, as well as the funds for demolition and to prepare construction plans,” Pang told the Kauai County Commission on Monday.
Pang said demolition will begin immediately after the deal has been finalized, The Garden Island reported.
The commission voted to defer the petition to modify or revoke Coco Palms Hui’s permits for the project to a May 24 meeting. The Planning Commission will meet then for a status update of the deal with Private Closure.
The resort has been closed since Hurricane Iniki damaged the property in 1992.
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Coco Palms officials are looking to build a new 350-room hotel at the site, with plans to have the resort up and running by 2018. Hyatt Hotels Corp. agreed in 2014 to manage the resort, which will be called Coco Palms by Hyatt.
3 responses to “Developers to secure funding for Kauai resort demolition”
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Are they sure they are rebuilding the resort OR building an ultramodern, ultra expensive, ultra overcrowded new resort managed by Hyatt and catering to rich people? Just questions. I don’t know what they have planned.
If they leased it to the state the demolishment wouldn’t cost anything.
We’ve been reading and hearing about this hotel rebuild for more than 12 years. Either build it, or allow someone who has the ability and financial capability to rebuild the hotel. This is ridiculous… Since the demise of the property in the hurricane, there have been several alleged developers who have made a great deal of money just gaining title to the property and reselling that Title, again, and again… It’s become a huge FIASCO…