Business Briefs

Reported by Star-Bulletin staff & wire

Friday, June 21, 1996

The Chansrichawla family, lead owner in the organization that was proposing to buy the property, is instead set to become a creditor and financial backer of the current owner, Keola Hana Maui Inc.

Amanresorts Hawaii Inc., a luxury resort management group, received approval for the new management agreement from the Maui Liquor Control Commission on Wednesday.

Amanresorts is scheduled to take over operations of the hotel and ranch from Sheraton in July.

Plans for sale of the property were announced in March 1995 with the sale scheduled to close in July 1995. However, there were repeated delays in the purchase, including problems related to the transfer of the liquor licenses.

month high of 8.39 percent last week, according a national survey by the Federal Home Loan Mortgage Corp.

Average adjustable rate mortgages rose to a 10-month high of 5.93 percent from 5.91 percent last week, Freddie Mac said. Fifteen-year mortgage rates fell to 7.81 percent from a 13-month high of 7.90 percent a week ago.

Mortgage rates have been rising since the middle of February as expectations for a pickup in economic growth drives U.S. bond yields higher.

The Senate vote of 91 to 7 on Thursday in favor of Greenspan followed spirited debate that was punctuated by Democratic criticism of the central bank chief's monetary policy.

Greenspan, 70, was first appointed by former President Ronald Reagan.

Two other Clinton Fed nominees - White House budget chief Alice Rivlin and forecaster Laurence Meyer - also were approved by the Senate on Thursday.