WAILUA — An effort to revive a Hawaii resort that hosted Elvis in its heyday has collapsed due to financial difficulties.
The Garden Island reported Tuesday that the project to redevelop the former Coco Palms resort fell apart after developers defaulted on $11.2 million in financing.
Two Utah-based companies that backed the project by Coco Palms Hui, LLC, say the ruins of the hotel on about 20 acres in east Kauai will be put on the market.
The newspaper reports that developers Chad Waters and Tyler Greene of Honolulu firm GreeneWaters, LLC, did not respond to requests for comment.
The newspaper says the former resort was famed for being frequented by stars including singer Elvis Presley, but fell into disrepair after being heavily damaged during Hurricane Iniki in 1992.