Business Briefs
Reported by Star-Bulletin staff & wire

Thursday, August 16, 2001

Mainland group finalizes Hotel Hana-Maui purchase

A group of mainland investors yesterday completed the purchase of the Hotel Hana-Maui, the secluded 65-room property that promotes itself as "the Hawaii that used to be."

Mike Freed, one of the partners in the new ownership, said that virtually all of the hotel's 200 employees have been rehired. Freed and Peter Heinemann, managing partners in the ownership of a luxury 30-room hotel in Big Sur, Calif., called Post Ranch Inn, are also the leaders of the buying group. Freed and Heinemann also are affiliated with the Jean-Michel Cousteau Fiji Islands Resort.

Another company they own, Passport Resorts LLC, has taken over the management of the Hana property. The buyers said they plan to renovate the hotel and keep its "old Hawaii" atmosphere. The hotel is expected to remain open during the work.

City Bank parent declares 11-cent quarterly dividend

City Bank parent CB Bancshares Inc. will pay a dividend of 11 cents a share Sept. 27 to shareholders of record Sept. 15. The third-quarter dividend is the same as the 11 cents paid in the second quarter, but those who held on to their shares after a 10 percent stock dividend paid June 15 will be getting 10 percent more cash because they have more shares, the bank said. City Bank, which has 21 branches on Oahu, Maui and Hawaii, also has begun offering investment services to its customers, through a partnership with UVEST Investment Services, based in North Carolina.

Nansay representative meets with mayor

HILO >> Big Island Mayor Harry Kim has given developer Nansay Hawaii until the end of the month to show how it will pay $3.9 million owed to Hawaii County. The developer has missed several deadlines to make good on the deb, which dates back to 1992. Attempts by the county to sell about 450 acres of former Nansay beachfront land five miles north of Kailua-Kona have temporarily been put on hold to allow another opportunity for payment.

The undeveloped land once was scheduled for resort and golf course development.

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