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Business Briefs


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POSTED: Thursday, May 21, 2009

BUSINESS BRIEFS

Paparazzi snaps up Brew Moon space

A new nightclub, Paparazzi, will open in the 9,800-square-foot Ward Centre space formerly occupied by Brew Moon, which closed abruptly in February.

“;This is actually her project; I'm helping her on it,”; veteran nightclub developer and owner George Kail said of his wife, Noriko.

The lease with General Growth Properties projects an ambitious September opening, and it will serve lunch before reopening later in the day for happy hour and club operation. Lunch may not be permanent. “;After three months it's not mandatory that I have to do it,”; Kail said.

Between now and its opening, the club must obtain a building permit, get General Growth's approval on remodeling plans and obtain a liquor license, which can take months.

The club will target the 25-and-older set.

Phoenix, Big Isle firms OK solar deal

Phoenix-based PowerVerde has signed a letter of intent with Keahole Solar Power LLC, a Big Island-based renewable project and technology developer, under which Power-Verde will provide KSP a commercial-ready electrical power-generation engine system and related accessories.

The system, which is PowerVerde's first utility-scale commercial installation, will be used for demonstration and testing in KSP's 2-megawatt solar-thermal-power-generation facility at the Natural Energy Laboratory in Kona.

Migita to receive Boy Scout award

Ronald Migita, chairman, president and chief executive of Central Pacific Bank, will become the 10th Hawaii resident to receive the prestigious Silver Buffalo Award.

The award, the highest honor bestowed by the Boy Scouts of America, will be presented tomorrow to Migita at the National Council's annual meeting in Orlando, Fla.

Migita, who got his start in Scouts as a boy growing up on Maui, has served as Scoutmaster, district chairman and council president, as well as regional and national executive board member.

“;My appreciation for my early Scouting experience continues to inspire me to support the Boy Scouts of America today and I am humbled to receive such recognition,”; Migita said.

Other recipients of the award, created in 1925, include aviator Charles Lindbergh, artist Norman Rockwell, artist and film producer Walt Disney, Gen. Colin Powell, singer Marian Anderson and 14 U.S. presidents.

Bankoh stock rated 'outperform'

Bank of Hawaii stock has been rated “;outperform”; with a $46 target price in initial coverage by Credit Suisse.

The New York-based brokerage firm said that “;unlike most of our outperform-rated names, (Bank of Hawaii) commands a premium valuation relative to the peer group. BOH has had significantly benign credit quality deterioration given its focus on the Hawaiian market, which did not see much real estate appreciation in 2002-06. While we expect credit metrics to continue worsening through the cycle, BOH is adequately reserved and has sufficient capital to withstand further losses.”;

Bankoh's stock closed yesterday down $1.59 at $36.38.

ON THE MOVE

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The Fairmont Kea Lani has hired Juan Pablo Garcia-Neveu as director of group sales. His experience includes associate director of sales for Hyatt Regency Tamaya Resort & Spa in New Mexico and sales manager for Grand Hyatt Kauai Resort & Spa.

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Starwood Hotels and Resorts Hawaii announced the following promotions: Angela Rodriguez to field marketing manager from advertising manager, and Sharon Duffin to field marketing manager from field marketing coordinator.

ALOHA VISITORS

A weekly snapshot of passenger arrivals from May 12-18 with the percentage change from the year earlier:

                                                                                                                                                                                                                                                                                                                       
  VISITORSCHANGE
Domestic112,467-0.5%
International23,741-20.7%
Total135,913-4.6%
DOMESTIC ARRIVALS BY ISLAND
Oahu75,842+0.4%
Kauai7,536+12.4%
Maui20,824-12.4%
Big Island8,265+18.0%

Source: Department of Business, Economic Development and Tourism