One of the resorts I think has the most potential for being developed or renovated into a stunning Hawaiian property is Kona Village, neighboring FS Hualalai.

I was told by the Hualalai development office that the Kona Village resort was owned in part by Michael Dell but that the land was owned by the Bishop Estate, and that the Bishop estate trustees were currently considering three different development/renovation proposals. I can only imagine what the proposals are, perhaps complete rennovation of the property, turning it into a residence club (several guests spend months there), or rebranding it under a different flag.

See Wikipedia's entry for a very interesting brief account of the charitable estate, the largest in American historyhttp://en.wikipedia.org/wiki/Kamehameha_Schools) for a more indepth account read Broken Trust by Samuel King and Randall Roth.