Business Briefs

Reported by Star-Bulletin staff & wire

Wednesday, March 31, 1999

Hilton buys siteof Tahitian Lanai

Hilton Hotels Corp. has purchased a 1.9-acre strip of fee-simple land next to the Hilton Hawaiian Village, running from the Hilton Lagoon to Ala Moana, between the hotel's parking building and the Ilikai Nikko Hotel Waikiki.

The sales price was not disclosed. The seller was SL Industries Inc., an affiliate of Japan's Sumitomo Bank. The commercial real estate firm Colliers Monroe Friedlander Inc., which was the broker in the transaction, said there was strong interest in the property from around the world.

The property originally housed the Waikikian Hotel and the Tahitian Lanai restaurant, popular among residents and tourists for decades. Those businesses were closed at the end of 1996 and the buildings were later demolished.

Report: BP readyto acquire Arco

NEW YORK -- BP Amoco Plc's board has approved an agreement to acquire Atlantic Richfield Co. for as much as $27 billion, The Wall Street Journal reported today. The newspaper, citing sources familiar with the negotiations, said the board of Los Angeles-based Arco still needs to approve the pact, but that it was expected a deal would be announced tomorrow.

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