The progress on the demolition of The Renaissance Wailea Beach Resort to make room for the new luxury
Baccarat Wailea condos has been stalled. Starwood Capital Group, the owner, is not saying whether plans to redevelop it as a Baccarat luxury condominium project are dead.
When this luxury resort was first announced in 2005, the resort real estate market was much different than that of today. In 2006 the Hawaii resort business realized a record $3 billion in revenue. The Renaissance Hotel closed its doors in September of 2007 and demolition was supposed to have been completed by 2008. The Baccarat Wailea luxury condominiums were scheduled for completion around the end of 2008, but now has been pushed towards 2010. The Renaissance was the first hotel opened in the Wailea Resort, originally as the Wailea Beach in 1978.
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