Business Briefs

Reported by Star-Bulletin staff & wire

Thursday, September 23, 1999

Hawaiian chocolate selling in Illinois

Hawaiian Vintage Chocolate Co. has opened its prototype mainland retail store, a 2,000-square-foot unit on the campus of the University of Illinois in Champaign/Urbana. The company, which grows chocolate on several islands in Hawaii, has developed kiosks in shopping centers and now plans 30 retail stores selling chocolate, sweets, baked goods and tropical clothing. Tony Roth, executive vice president, said the company expects annual revenues of $650,000 per store.

Hotel occupancy, room rates rise

Occupancy and room rates in Hawaii's hotels both moved up in August, thanks to the strong flow of tourists from the mainland.

Average occupancy in the hotels and resort condominiums was 77.63 percent last month, up from 75.69 in August 1998, said PKF Hawaii Inc. The statewide average room rate last month was $147.02 a day, up 1.4 percent from $145.04 in the year-earlier month.

On Oahu, however, occupancy and room rates were both down due to the continuing effects of the Asian economic crisis. Oahu occupancy of 75.8 percent last month was down from 77.35 percent in the year-earlier month. The Oahu average room rate of $124.06 was down 2.3 percent from $127.02 in August 1998.

U.S. mortgages fall to 7.76 percent

McLEAN, Va. -- The average rate on a U.S. 30-year, fixed-rate mortgage fell to 7.76 this week from 7.82 percent last week, according to a weekly survey by Freddie Mac. The average rate on a one-year adjustable mortgage fell to 6.19 percent from 6.22 percent last week, and the 15-year mortgage average rate fell to 7.40 percent from 7.43 percent.

In other news . . .

Bullet ATLANTA -- Delta Air Lines Inc. reached a tentative agreement with the Air Line Pilots Association announced today provides new pay scales for pilots flying the Boeing 777 and 767-400 aircraft, as well as other contract improvements. rates will be $250 an hour for the 777 and $230 for the 767-400.

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