8. Maui Prince Resort
Loan balance: $192.5 million
Size: 1,800 acres
Location: Maui, HI
Metropolitan office buildings haven't been the only ones getting squeezed by the fallout in the commercial real estate market. Resorts and hotels across the country have also been hit hard. In fact, recent figures published by research firm Trepp revealed that delinquency rates within this segment are leading the industry. One particularly notable tale has been that of the former Maui Prince Resort, a spectacular 1,800-acre resort at the foot of Mount Haleakala that boasts 310 rooms and a Robert Trent Jones-designed golf course. An investment fund run by Morgan Stanley teamed up with a local firm in Maui to buy the property in 2007 for $575 million with the hope of developing it. Those plans quickly unraveled however as tourism to the state took a severe decline as a result of the recession.
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