Reported by Star-Bulletin staff & wire
Thursday, December 3, 1998
Texas owner buys Park Shore lease
The Texas real estate investment trust that bought Park Shore Hotel in Waikiki in August 1997 for $24 million has bought back the lease on the hotel. Patriot American Hospitality Inc. said it bought the lease from NorthCoast Hotels LLC, which markets and manages the 227-room property. A NorthCoast subsidiary, WestCoast Hotels, will continue to manage it.
Mortgage rates dip 3rd straight week
MCLEAN, Va. -- The benchmark U.S. mortgage rate fell this week for the third straight week to the lowest level since early October, a sign home-buying will stay strong, Freddie Mac said today. The average on a 30-year fixed-rate mortgage dropped to 6.71 percent from the previous week's 6.78 percent. The average rate on adjustable mortgages fell to 5.52 percent from 5.54 percent, while rates for 15-year mortgages fell to 6.37 percent from 6.44 percent.
In other news . . .
Philippine President Joseph Estrada said Cathay Pacific Airways Ltd. was willing to resume talks with Philippine Airlines. Cathay denied the statement . . . Neiman Marcus Group Inc. named Robert A. Smith, 39, as CEO to succeed his father, Richard A. Smith . . . Exxon Corp. and Mobil Corp. said they can call off their merger by Dec. 1, 1999, if the deal has not been finalized by then.
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