Reported by Star-Bulletin staff & wire
Monday, July 19, 1999
Waikiki News sold to Network Media
Waikiki News, a monthly newspaper for tourists and Waikiki residents that has been in business for three years, has been acquired by a larger tourism-related publishing business, Network Media.Terms of the deal were not disclosed. An announcement by Peter Gellatly, president of Waikiki-based Network Media, said Steve Lent, founder of Waikiki News, will remain its editor and become a vice president of Network Media.
Network Media publishes nine magazines and operates nine television channels available to tourists in hotel rooms. The TV operations include two Japanese channels, one for the Oahu Visitors Bureau and another for the Hawaii Convention Center. The September issue of Waikiki News will be published by Network Media.
Kapalua Bay Hotel to get $5 mil face-lift
The Kapalua Bay Hotel will undergo a $5 million renovation, including work on its lobby, pool, meeting rooms, hospitality suites and fitness center, according to the Maui hotel's managers, Starwood Hotels & Resorts Worldwide Inc.The new lobby will feature floor-to-ceiling glass to give guests an unbroken view of Molokai and Lanai, management said. The pool deck area will be doubled in size. The plans also call for a new landscape design for the 18-acre property, reintroducing native plants. The 194-room hotel is owned by YCP Kapalua Operators Inc.
Foodland to open Waimea supermarket
WAIMEA, Hawaii -- The Oahu-based Foodland Super Market chain is adding a fourth grocery store on the Big Island. Foodland said it plans to take over 35,000 square feet of space at the Parker Ranch Center in Waimea. The space was vacated in January by Sure Save Super Markets, which filed for Chapter 11 bankruptcy in June. Foodland already operates Sack 'n Save budget outlets in Kailua-Kona, downtown Hilo and the Puainako Center east of Hilo. The Waimea store is set to open in mid-2000. Foodland has 27 stores.
Oahu Visitors Bureau to merge with HVCB
The 15-year-old Oahu Visitors Bureau will merge into the Hawaii Visitors & Convention Bureau on Jan. 1, ending its independent relationship.Starting as the Waikiki Beach Operators Association in 1984, the nonprofit tourist promotion organization became the Waikiki/Oahu Visitors Association in 1986. At that time it entered into a contract with the HVCB to be its Oahu-specific marketing and promotion organization. The relationship drew closer over the years and in January 1998 the organization changed its name to Oahu Visitors Bureau, to bring itself into line with the other HVCB individual-island chapters, the Big Island Visitors Bureau, the Maui Visitors Bureau, and the Kauai Visitors Bureau. Those chapters are already within the HVCB. The island chapters promote their own areas separately while the HVCB promotes Hawaii as a whole.
Profits up 2.9 percent at City Bank's parent
CB Bancshares Inc., the parent of City Bank and International Savings & Loan Association, increased its second-quarter profit by 2.9 percent to $2.2 million, or 62 cents a share, compared with $2.14 million, or 60 cents a share in the 1998 quarter.
Ronald K. Migita, president and chief executive officer, said the company has been working to improve the quality of assets, in part by getting rid of nonperforming loans. At midyear, its nonperforming loans totaled $11.9 million, down 50 percent from $23.83 million at the same point last year.
On June 30, the company had assets of $1.48 billion, an increase of 6.2 percent from $1.4 billion a year earlier. Deposits of $1.06 billion were up 2.3 percent from $1.03 billion at the end of the 1998 quarter and loans of $1.03 billion were up 1.6 percent from $1.02 billion.
Hewlett-Packard hires Lucent executive
PALO ALTO, Calif. -- Hewlett-Packard Co. named Lucent Technologies Inc.'s Carleton Fiorina as president and chief executive, choosing a woman with ties to telecommunications companies to lead the computer maker.Fiorina succeeds Lew Platt, 58, who will remain chairman until he retires Dec. 31. Fiorina, 44, becomes the most powerful woman in U.S. business. One of only three women who head a Fortune 500 company, she'll run a corporation with $47 billion in annual sales that helped create Silicon Valley.