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POSTED: Thursday, June 25, 2009

Consolidated resorts folding

Hawaii-founded Consolidated Resorts Inc., led by Chairman and CEO Arthur Spector, is shutting down its nine time-share resorts in Hawaii, three in Las Vegas and two in Orlando, Fla., according to published reports.

Citing a Consolidated statement released Tuesday, the Wall Street Journal also reported that the company intended to file for bankruptcy because the financial environment makes it “;impossible to continue this company.”;

A Goldman Sachs Group Inc. real estate fund paid $372 million for the company two years ago but has decided to “;walk away,”; the paper reported.

Consolidated's Web site was still up last night touting free three-day, two-night free stays at one of its Las Vegas resorts.

 

Barnwell modifies real estate deal

Barnwell Industries Inc. said Kaupelehu Developments, its 78 percent-owned real estate partnership on the Big Island, has modified its 2006 agreement with WB KD Acquisition 2 LLC for the development of an 870-acre leasehold area adjacent to Kona Village Resort and Hualalai Resort at Kaupulehu in North Kona.

WB KD Acquisition is an affiliate of Westbrook Partners LLC, developers of Kukio Resort in Kona and various mainland projects.

In addition, Barnwell said WB KD Acquisition has entered into a development lease with Kamehameha Schools, fee owner of the area. Increment 2 of the Lot 4A area is currently planned for approximately 400 residential units.

Kaupulehu Developments will receive future payments from WB KD Acquisition based on a percentage of the sales prices of the residential lots, ranging from 8 percent to 10 percent, depending upon several factors, and also will be entitled to receive up to $8 million in additional payments once the members of WB KD Acquisition have received distributions equal to the capital they invested in the project.

 

L.A. firm buys stake in ClearFuels

Los Angeles-based Rentech Inc. has purchased a 25 percent ownership interest in Aiea-based ClearFuels Technology Inc. and will install a ClearFuels biomass gasifier at its Colorado product-demonstration unit.

The agreement with ClearFuels provides for multiple licensing agreements at facilities under development by ClearFuels in Hawaii, the southeastern United States and internationally.

To be co-located at sugar mills and wood-processing facilities, the ClearFuel projects will develop renewable synthetic diesel and jet fuels using biomass materials such as sugar cane bagasse and wood waste.

 

Parade of Homes deadline is July 3

The Building Industry Association of Hawaii's final deadline for the 53rd annual BIA Parade of Homes is July 3.

This year's Open House Weekends portion of the event will be Oct. 9-11 and Oct. 16-18.

Developers and contractors may enter single- and multi-family homes, town homes, high-rises, units in vacation ownership projects and conversions, For more information, go online to http://www.biahawaii.org or call 847-4666, ext. 200, or e-mail .(JavaScript must be enabled to view this email address).

 

HawTel plan called 'illusion of progress'

Sandwich Isles Communications Inc., which has made a $400 million offer to buy Hawaiian Telcom out of bankruptcy, called HawTel's reorganization plan an “;illusion of progress”; that was filed to attempt to establish cause to extend the “;exclusive period”; that would prevent other potential bidders from buying the company.

In a reply filed yesterday, Sandwich Isles said its proposal would capitalize on its local commitment and expertise, maximize value, preserve jobs and ensure a timely emergence from Chapter 11.

HawTel, whose plan calls for it to reduce the company's debt to $300 million from $1.1 billion, has called Sandwich Isles' bid a “;lowball offer.”;

 

On the Move

; Pacific Office Properties has appointed Susan Hansen to property manager of the Pan Am Building in the Kapiolani business district.

Her experience includes working in Class A commercial office property management, residential property management and managing Honolulu's Harbor Court mixed-use complex and 1132 Bishop Street.

 

;*;*;*

Colliers Monroe Friedlander has appointed Debbie Parmley as vice president of resort commercial properties.

She has more than 20 years of real estate experience and was previously a key member of the development and management team for Waikoloa Resorts Queens' MarketPlace and Kings' Shops.