A joint venture of Hyatt Hotels Corp. and Host Hotels & Resorts plans to spend $40 million to develop Hawaii’s first Hyatt Residence Club on the site of the Hyatt Regency Maui Resort & Spa in Kaanapali. The 131-unit Hyatt Kaanapali Beach, a Hyatt Residence Club, is expected to open in 2014, Chicago-based Hyatt (NYSE: H) said Tuesday. Host Hotels and Resorts CEO Ed Walter first told analysts about the project last month. Bethesda, Md.-based Host Hotels and Resorts (NYSE: HST) owns the Hyatt-managed…