Business briefs


POSTED: Thursday, August 06, 2009

Hyatt to raise $1.15B in IPO

Hyatt Hotels Corp., the lodging company controlled by the Pritzker family of Chicago, filed plans to raise up to $1.15 billion in an initial public offering.

Hyatt plans to list the shares on the New York Stock Exchange under the symbol “;H,”; the company said in a regulatory filing yesterday.

The recession is cutting hotel revenue and pushing some hotel owners to default on loans. As many as one in five U.S. hotel loans may default through 2010, according to a University of California study.

There have been 12 IPOs in the United States this year, raising $2.69 billion. The largest was the $828 million sale in February of Mead Johnson Nutrition Co.

HTA approves $4M to lure travelers

The Hawaii Tourism Authority's marketing committee has approved $4.1 million from the marketing opportunity fund that will go to the Hawaii Visitors and Convention Bureau for initiatives that will help to stimulate short-term arrivals to Hawaii.

“;We are very optimistic by the increase in visitors from the U.S. West in May and June,”; said Mike McCartney, president and chief executive of HTA. “;The additional funding from the marketing opportunity fund will allow us to aggressively target our core market and boost travel to Hawaii.”;

Pacific Office Properties loses $1.1M

Pacific Office Properties Trust Inc., which owns and operates such Honolulu properties as Waterfront Plaza, the Davies Pacific Center, Pan Am Building, First Insurance Center, Pacific Business News Building and the Clifford Center, said its second-quarter loss narrowed to $1.1 million from a loss of $1.4 million a year ago.

Funds from operations, a widely recognized measure of a real estate investment trust's performance, jumped 888 percent to $1.8 million from $183,000.

The Santa Monica, Calif.-based company reported yesterday that revenue slipped 1.3 percent to $18 billion from $18.3 billion but that 75 percent of its revenue came from its holdings in the Honolulu market. Pacific Office also said that 74 percent of its net operating income came from Honolulu.

“;Our consistent performance is primarily attributable to our presence in a stable market such as Honolulu that continues to perform well despite the weakness in the national economy,”; said Dallas Lucas, president and chief executive of Pacific Office Properties. “;Our impressive leasing trends have continued in the third quarter, as evidenced by new leases covering 47,000 square feet signed since June 30, 2009.”;

HCDA might put parcel out to bid

The Hawaii Community Development Authority discussed yesterday whether to put a 3.5-acre corner parcel out to bid.

Executive Director Anthony Ching presented plans to the board to issue a request for proposals from private developers for the lot—adjacent to the historic pump station—bound by Forrest Avenue, Ala Moana and Ilalo Street.

The proposal would be for a mixed-use project including commercial space, government offices and district parking, according to Ching. Maintenance of the pump station would be part of the deal.

He described it as “;chumming the waters to see if there's any interest in such a project.”; After more discussion, however, Ching decided to hold off on issuing the request.

Aloha offers air-shipping alternative

A new shipping alternative is available for items that do not have to be at their destination for three to five days.

Aloha Air Cargo has expanded its line of services for businesses seeking alternatives to recently increased barge-shipping costs.

Aloha FlexShip service is intended for less time-sensitive shipments of such nonperishable items as consumer goods, appliances and business-to-business products.

On the move

Becker Communications announced the following hires:

» Allison Andrade as account executive. She has a public relations and marketing background specializing in media relations, strategic partnerships, interactive advertising and special events.

» Jason Meyer as account executive. He comes from Washington, D.C., where he worked on issues advocacy, public affairs outreach and online communications.

» Marichris Diga as account coordinator. Her experience includes promotional public relations, event planning, and online marketing and communications.