Reported by Star-Bulletin staff & wire
Monday, November 9, 1998
Lanai resorts join 'Luxury Collection'
The Lodge at Koele and the Manele Bay Hotel on Lanai have joined The Luxury Collection of Starwood Hotels & Resorts Worldwide Inc., it was announced today. The agreement gives the two Lanai hotels, owned and operated by Castle & Cooke Inc. subsidiary Lanai Company Inc., access to Starwood's worldwide sales, marketing and reservation system. The Luxury Collection now has 57 resorts in 20 countries. Phoenix-based Starwood has more than 650 hotels in 70 countries and 125,000 employees.
Isle hotel's parent sees 89% net gain
DALLAS -- Patriot American Hospitality Inc.'s third-quarter profit rose 89 percent but fell short of expectations. Patriot American, one of the largest U.S. owners and operators of hotels, said funds from operations rose to $58.1 million, or 34 cents a share, from $30.7 million, or 43 cents, a year earlier. That was less than the 39-cent average estimate from analysts polled by First Call Corp. Dallas-based Patriot, a real estate investment trust, owns the Wyndham hotel chain. In August 1997, the company bought the Park Shore Hotel in Waikiki.
In other news . . .
J.P. Morgan & Co. plans to reduce its staff nearly 5 percent through layoffs and attrition by the end of the year, The Wall Street Journal reported today. The newspaper said the cuts totaling about 740 employees are part of the huge banking company's effort to control spending.
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