A $12 million clubhouse renovation plan for the Waialae Country Club has been postponed in light of the deteriorating economy.

Allan Lum, general manager of the prestigious private club, said money was available for the work but board directors decided it would be fiscally prudent to hold off on the renovations that had been scheduled to start this year and be completed before the next Sony Open PGA Tour event early next year.

"Everything now is on the back burner," said Alton Kuioka, club board president and vice chairman of Bank of Hawaii.

The club with about 1,200 members voted last year for the improvements before the cascading failures of global financial firms and the sharp decline in national and local economies.

Many businesses and consumers — including those with strong financial positions — have curtailed large spending initiatives to conserve cash until uncertainty in the economy dissipates, so the move isn't surprising even for an exclusive club largely made up of wealthy members.

Waialae Country Club was formed in 1930 by a group of golfers at what then was a partially public golf course built in 1927 to complement the Royal Hawaiian Hotel in Waikiki.

The golf club became private in 1965.

The clubhouse renovation plan — which includes a new lobby, outdoor dining area, fitness center and porte-cochere — would have been the first major upgrade since renovations were made in 1980. The existing clubhouse was built in 1972.

An expanded and reconfigured parking lot, relocated tennis courts and a new snack bar building and kiosk also are part of planned upgrades.

Lum said the club will continue the process of obtaining necessary permits for the project, including a special management area use permit required for construction near the ocean, though the renovation plan will be reassessed when economic conditions improve. At that time, the scope of the project could change depending on the circumstances.