HAWAII

Ward revenues top $12 mil through May

Victoria Ward Ltd., purchased for approximately $250 million in May by General Growth Properties Inc., had net operating income of $5.8 million on revenues of $12.4 million during the first five months of this year, according to a Securities and Exchange report filed yesterday by the new owner. Chicago-based General Growth, which announced the deal in April and closed it May 28, also said it earned $14.6 million in operating income in 2001 on $31.3 million in revenues.

In addition, General Growth revealed that its minimum future rental income on noncancelable operating leases is $21.2 million in 2002 and $20.4 million next year. The figures don't include amounts payable by certain tenants based upon a percentage of their gross sales or as reimbursement of operating expenses.

The deal to acquire Victoria Ward and its 65 acres of prime real estate in Kakaako was the largest retail transaction in Hawaii since General Growth's $810 million buyout of Ala Moana in 1999.

Bankoh donates $500,000 to loan fund

Bank of Hawaii gave the state's struggling small businesses and nonprofits a boost yesterday by announcing it will invest an additional $500,000 into the Hawaii Community Loan Fund.

The bank, which now has provided $1.461 million in capital investment to be used as loan funds, also said it will donate $75,000 to help cover a portion of the organization's operating expenses.

"Loans and technical assistance provided by the Hawaii Community Loan Fund have contributed to the creation of approximately 300 new jobs in the state," said Bill Nelson, vice chairman of Bank of Hawaii.

The loan fund supports state economic development by providing financial and technical assistance to "unbankable" businesses, nonprofit organizations and projects that create jobs, build wealth and improve life across the state. The HCLF has made 97 loans totaling more than $2.5 million during the past seven years.

Roberts Hawaii to add 100 school buses

Roberts Hawaii, already a major figure in the yellow school-bus business, said it will add more than 100 new buses to its statewide school fleet in the next few months, including some that have air conditioning and some with loading equipment for people with disabilities.

The buses, made by the Bluebird and Collins vehicle manufacturers, will be delivered in several shipments over the next 10 weeks, said Troy Iwamoto, president and chief operating officer of Roberts Hawaii, which has more than 1,000 vehicles in the tour, commercial transportation and school-bus business.

All the new buses will have two-way radios, Iwamoto said. The company said it had no estimate of the cost of the fleet additions.

MAINLAND

Travel industry on the rebound after Sept. 11

WASHINGTON >> The U.S. travel industry is picking up after a setback following the Sept. 11 terrorist attacks last year, as Japanese and other foreign visitors are steadily returning to the United States, the U.S. Commerce Department said yesterday.

The number of Japanese visitors to the UnitedStates in the second quarter of this year was still 21 percent below last year's level, but up from a 31 percent fall in the first quarter, the department said.

The overall number of foreign visitors to the U.S. in the second quarter was down 17 percent from the previous year.

Sales by the U.S. travel and tourism industries continued to grow in the second quarter, rising 1.5 percent following a 5.6 percent increase in the previous quarter, the Commerce Department said.