Starwood decides not to join in Turtle Bay project

Starwood Hotels and Resorts has pulled out of negotiations to develop up to five new hotels and time shares at the Turtle Bay Resort on the North Shore of Oahu.

The decision not to participate in the project with resort owner Kuilima Resort Co. was made by Starwood executives on Tuesday, according to several people familiar with the negotiations.

More at Pacific Business News, Honolulu Advertiser, KHNL

"The good news here is we're talking about a $350 million valuation of the property, which could mean a much smaller development than originally planned," Eric Gill, secretary and treasurer of Unite Here Local 5, the union that represents workers at Turtle Bay said.

Honolulu Star Bulletin