Reported by Star-Bulletin staff & wire
Thursday, June 6, 1996
Reported by Star-Bulletin staff & wire
Thursday, June 6, 1996
They were up from 8.03 percent last week and the highest since the average was 8.37 percent during the week ended April 13, 1995.
One-year adjustable rate mortgages averaged an initial rate of 5.86 percent, up from 5.76 percent last week. Fifteen-
year mortgages averaged 7.80 percent this week, up from 7.54 percent a week earlier.
The rates do not include add-on fees known as points.
The theme-restaurant chain on Wednesday said that it has acquired the minority interest in its Maui, London, New York and Washington, D.C., locations from third-party investors in exchange for 1.7 million shares of Planet Hollywood's outstanding stock. Those shares would be worth $42.7 million based on the company's closing stock price of $25.12 on Wednesday on the Nasdaq market.
The Orlando, Fla.-based company, which did not identify the investors, said it now owns the restaurants outright.
"This move ... will simplify our ownership structure and, more importantly, the company will now enjoy the full benefit of these successful Planet Hollywood restaurants to earnings," said Robert Earl, president and chief executive officer.
Planet Hollywood opened the Lahaina restaurant in July 1994. It opened a Waikiki restaurant last June. The company went public in April.