Reported by Star-Bulletin staff & wire
Wednesday, February 11, 1998
First Hawaiian buys BofA division
First Hawaiian Bank will acquire Bank Of America's investment office in Honolulu, which manages a portfolio worth nearly $200 million for about 5,000 Hawaii customers.The bank said today it has agreed to acquire BA Investment Services Inc. Terms were not disclosed.
BA Investment is a unit of BankAmerica Corp., which last year sold its retail savings and loan operations in Hawaii to American Savings Bank. First Hawaiian said the eight employees of BAIS will be offered jobs in First Investment Center, which handles mutual funds and annuity sales and management for First Hawaiian.
Marriott sues to keep management of hotel
Marriott International Inc. has sued a big Japanese lender, seeking a court decision that Marriott has the right to continue managing the Maui Marriott Resort until the year 2056.Marriott, which was one of the original owners and developers of the Kaanapali Beach hotel, said the lender, Mitsui Trust & Banking Co., signed an agreement in 1990 that it would not interfere with Marriott's management contract.
In return, Marriott agreed to allow Mitsui to place a mortgage on the hotel in connection with Mitsui's loans to Azabu Buildings Co., owner of that hotel and others in Hawaii. Marriott, which still manages the hotel, said it has been left out of subsequent court filings and wants confirmation of its management rights. The company also wants the right of first refusal if the hotel is to be sold.
Three airlines file for U.S.-Japan flights
Several of the biggest U.S. airlines moved to increase their service to Japan, hoping to take advantage of a new aviation treaty reached between the two countries.American Airlines, Delta Air Lines and US Airways all filed applications for new routes with the U.S. Department of Transportation.
The aviation pact reached Jan. 30 between the Washington and Tokyo allows Delta, American, Continental and two other airlines to increase weekly flights from the current 46 to 136 each.
It also gives United, Northwest, and Federal Express -- which already had broader rights to fly between the two countries -- unlimited ability fly on to other Asian destinations from Japan.
No Hawaii flights were included in the new requests.