Affiliates of Hyatt Hotels and Starwood Capital Group have formed a joint venture to acquire an existing property and redevelop it into Andaz Wailea Resort and Residences, an ocean front resort on Mokapu Beach in Maui, Hawaii.

Hyatt anticipates that its investment in the project - within the planned resort of Wailea and scheduled to open in Q4 2012 - will be approximately US$90m (£57m).

Andaz Wailea Resort and Residences is seen as marking the expansion of Hyatt's Andaz brand into a key resort market. It will be located along 600ft (0.2km) of Mokapu Beach, with the Wailea master plan including a 1.2 mile-long (2km) oceanfront beach path connecting all of its beaches, a shopping centre, restaurants, a 54-hole golf club and a tennis club.

The Rockwell Group-designed resort will offer 255 rooms, 35 suites and six four-bedroom villas and feature a three-meal specialty restaurant, cascading outdoor pools with an adjacent bar and specialty restaurant, a 15,000sq ft (1,400sq m) spa, gym, lobby lounge, and meeting space.

Upon its opening, Andaz Wailea will join the existing Andaz Liverpool Street, London; Andaz West Hollywood; Andaz Wall Street; Andaz San Diego; and Andaz 5th Avenue.

Further Andaz hotels under development include Andaz Amsterdam; Andaz Delhi; Andaz Papagayo, Costa Rica; Andaz Sanya Sunny Bay, China; and Andaz Turks and Caicos.