Business Briefs

Reported by Star-Bulletin staff & wire

Tuesday, October 26, 1999

Developer backs out of Keeaumoku project

Cleveland-based Forest City Development will not go ahead with its plan to build an entertainment and shopping complex on the vacant "superblock" parcel on Keeaumoku Street.

Colm Macken, Los Angeles-based senior vice president of Forest City, today said that a key to the plan had been a tentative agreement with Consolidated Amusement Co. to develop a 20-screen movie complex on the property. Consolidated's decision earlier this month to go to Victoria Ward Centers in Kakaako instead made the proposed Pacific Entertainment Plaza no longer feasible, Macken said. He said the decision not to proceed had nothing to do with the Hawaii economy, which his company believes has bottomed out and is turning around.

Starwood reopens former Colony Surf

Starwood Hotels & Resorts Worldwide Inc. officially put its trendy business-hotels "W" brand to work in Hawaii at the 48-room W Honolulu - diamond head. Formerly the Colony Surf Hotel, the property across from Kapiolani Park, opened as a W hotel Friday, catering to business guests. Starwood, which also operates the Sheraton and Westin brands, earlier opened W hotels in New York, Atlanta, Seattle and San Francisco.

IBM authorizes stock buyback

ARMONK, N.Y. -- International Business Machines Corp., the world's largest computer maker, authorized a buyback of as much as $3.5 billion of its stock following a profit warning that sent its shares tumbling. IBM has bought back 731 million of its shares since 1995 for $29.8 billion. The new buyback would be the tenth during that time. The move comes after IBM said that profit will fall in the next two quarters.

Radisson selects ad firm

The 625-room Radisson Waikiki Prince Kuhio Hotel has selected the Schiller Group as its advertising agency. The hotel, formerly owned by Outrigger Hotels & Resorts, was purchased last month by San Francisco-based Stanford Hotels Corp., which brought in Radisson to manage it.

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