Hyatt Hotels has announced it has formed a joint venture with an affiliate of Host Hotels & Resorts to develop and operate a 131-unit Hyatt Residence Club resort in Maui, Hawaii on Ka’anapali Beach.

A Hyatt affiliate will invest approximately $40 million in the vacation ownership property.

Expected to open in 2014, Hyatt Ka’anapali Beach, a Hyatt Residence Club will be the first Hyatt Residence Club property in Hawaii, and will join 15 other Hyatt Residence Clubs throughout the United States and Puerto Rico.

“The development of Hyatt Ka’anapali Beach, a Hyatt Residence Club presents a remarkable opportunity to expand the Hyatt Residence Club system to include one of the most desirable vacation ownership destinations,” said John Burlingame, global head of residential development for Hyatt Hotels & Resorts.

“Ka’anapali Beach is one of Hawaii’s most beautiful areas, and we believe that Hyatt Ka’anapali Beach, a Hyatt Residence Club will be a highly sought after addition to the Hyatt Residence Club system.

“Host Hotels and Resorts is a best-in-class owner, and we look forward to building upon our already long term relationship with the company.”

Located along Maui’s western shore on Ka’anapali Beach, Hyatt Ka’anapali Beach, a Hyatt Residence Club will offer 131 units, including 19 one-bedroom units, 100 two-bedroom units, and 12 three-bedroom units.

Additional features will include an 8,000 sq. ft. (743 sq. m) open-air lobby, a retail store, a 75-seat casual dining restaurant, a pool with a pool bar and a multi-level pool deck, and a 3,300 sq. ft. (306 sq. m) fitness centre.

Hyatt Ka’anapali Beach, a Hyatt Residence Club will be located near Hyatt Regency Maui, an 806-room destination resort surrounded by 40 acres of beachfront landscape.

Hyatt Residence Club provides vacation ownership opportunities in regionally inspired residential-style properties.