A new standard of opulence was set when the Hyatt Regency Waikoloa —complete with 24 tons of chandeliers, transplanted coconut trees and a pool of dolphins — opened in 1988. The 1,241-room Hawaiian resort cost $360 million to build. But unfortunately, the hotel was soon confronted by a recession, which devastated tourism and travel. The downturn, combined with overbuilding, helped create a massive number of empty hotel rooms across the nation. Between 1989 and 1991, the entire industry suffered net losses of nearly $11 billion. Eventually, Hyatt and its fellow investors sold the Hyatt Regency Waikoloa to Hilton Hotels and its partners.
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