Reported by Star-Bulletin staff & wire
Friday, February 20, 1998
Starwood's takeover of ITT gets final OK
Starwood Hotels & Resorts Trust said its $14.6 billion purchase of ITT Corp. was approved by the Nevada Gaming Commission, the last regulatory approval needed for the acquisition.The deal is now expected to be completed by Monday, Starwood Hotels said. Commission approval was needed for Starwood to take over ITT's casinos in Las Vegas and Lake Tahoe.
With ITT's Sheraton hotels and Caesars World casinos, Starwood, a Phoenix-based real estate investment trust, will be one of the largest hotel companies in the world with more than 650 properties.
The deal will give Starwood control of the eight Hawaii hotels managed by ITT Sheraton, six owned by Japan-based Kyo-Ya Corp. and two under other ownership. Starwood's acquisition last year of Westin Hotels gave it management of another Hawaii hotel, the Westin Maui.
Hawaiiana to manage Waikele home project
Hawaiiana Management Co. has been named managing agent for the Waikele Community Association, representing 2,900 homes on 577 acres.Phyllis Kacher, Hawaiiana senior vice president and a certified property manager, was named manager. Peter VanOsdol, director of real estate and project management at Hawaiiana's parent, Hawaiiana Group Inc., will act as consultant to the Waikele modifications committee, advising on architecture and design for the mix of single- and multi-family homes.
Servco office unit opens equipment leasing biz
Servco Integrated Office Technology has opened an office equipment leasing and financing business called Servco Leasing, which it says offers one-stop shopping for a variety of lease and purchase options.Servco Integrated is part of Servco Pacific Inc.
Simon DeBartolo Group to buy mall operator
NEW YORK -- Simon DeBartolo Group Inc. agreed to buy Corporate Property Investors Inc. for about $5.78 billion in cash, stock and assumed debt, giving it control of one of the premier collections of shopping malls in the United States.New York-based CPI owns 23 of the nation's best performing mall properties.
Indianapolis-based Simon DeBartolo bought about $10 billion of malls since 1996, including today's purchase. The company wants to build a $200 million mall on Victoria Ward Ltd. property in Kakaako.
Simon DeBartolo, North America's largest real estate company, owns or manages more than 200 shopping mall and strip shopping centers, according to Bloomberg News.