Reported by Star-Bulletin staff & wire
Thursday, July 15, 1999
Waikiki hotel to get new management
Marc Resorts Hawaii will take over the management of the 342-room Island Colony Hotel at 445 Seaside Ave. in Waikiki on Jan 1, replacing Aston Hotels & Resorts, which has managed the property since it opened in 1980.Formed by Michael V. Paulin, Marc Resorts went into business in 1987, managing a handful of resorts. Now managing 21 properties, including the Embassy Vacation Resorts on Maui and Kauai, it is a wholly owned unit of Orlando, Fla.-based Sunterra Corp., a large international owner and manager of vacation-ownership resorts.
Marc Resorts was acquired two years ago by Signature Resorts Inc., which last July changed its name to Sunterra.
Ross to open store at downtown site
Ross Dress for Less will open its downtown store at Hotel Street and the Fort Street Mall on July 23. The former Woolworth store, with 35,000 square feet, will be the largest of the nine Ross stores in Hawaii. A formal grand opening will be held Aug. 1.
30-year mortgages average 7.58%
WASHINGTON -- The average interest rate on 30-year fixed-rate mortgages edged down to 7.58 percent this week, the second straight weekly decline. The average was down from 7.65 percent last week, according to a weekly survey released today by Freddie Mac, the mortgage company.Mortgages rates had been creeping up for the past two months and have fluctuated from their low for this year of 6.74 percent set at the end of January to a high of 7.71 percent set at the beginning of this month. Fifteen-year mortgages declined sharply to 7.19 percent this week, down from the average of 7.30 percent last week. One-year, adjustable-rate mortgages averaged initial rate of 5.97 percent this week, up slightly from 5.96 percent last week.
In other news . . .
ATLANTA -- Coca-Cola Co. said second-quarter profit fell 21 percent because of slowing demand in Asia and the fallout from a health scare in Europe.