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HAWAII
Seller wants $13 mil for Hilo apartments
A 244-unit rental apartment complex in Hilo, the Waiakea Villas, has been offered for sale at an asking price of $13 million, the national real estate brokerage holding the exclusive sales listing said today.The property about a mile from the University of Hawaii campus has 197 studios, 43 one-bedroom units and four two-bedroom units, all fully furnished, said the broker, Marcus & Millichap Real Estate Investment Brokerage based in Encino, Calif. It also has more than 10,000 square feet of rental commercial space, the brokers said.
The seller was identified only as a Honolulu investor.
Verizon Hawaii posts loss
Verizon Hawaii Inc., which last month said it was laying off 72 employees due to increased competition and economic pressures, posted a $2.8 million loss in the third quarter compared with a gain of $17.7 million a year earlier.The state's largest local telephone service provider said it recorded a pension settlement loss of $20.8 million in the nine months ended Sept. 30 due to previously announced employee separations and recorded an impairment charge of $3.4 million in the second quarter due to its exposure to WorldCom Inc., which is now in Chapter 11 reorganization bankruptcy.
Verizon Hawaii, formerly GTE Hawaiian Tel, had net income of $23.6 for the first nine months compared with $50.3 million during the same period in 2001. Operating revenue for the third quarter slipped 0.4 percent to $134.9 million from $135.4 million.
As of Sept. 30, 2002, a total of approximately 60 management and associate employees have been separated under the 2001 and 2002 severance programs. The remaining severance liability relating to these programs is $1.8 million, which includes future payments to employees separated as of Sept. 30. Verizon said it expects to complete severance programs within a year.
Bay Club staff likely to remain
Most of the 171 workers at the Bay Club time-share resort at Waikoloa are likely to keep their jobs when the management changes Jan. 1.Hilton Grand Vacations Club, which will take over the 172-unit, will hire "as many as possible" of the existing employees because they are Big Island people who know the property, said a spokeswoman, Abby Wade.
It was announced late last week that the Hilton time-share arm had acquired the sales and marketing and management rights from a partnership headed by Nikken Corp., which converted the resort to time-share in 1994.
Kahala Mandarin makes AAA list
The American Automobile Association said today it put the Kahala Mandarin Oriental Hawaii back on its list of "Five Diamond" award-winning hotels for 2003, after slipping it to a Four Diamond rating for this year. The hotel had held the top rating for 2000 and 2001.The 2003 listing includes three earlier Hawaii winners: Four Seasons Resort, Maui, on the list for the 12th year; Ritz-Carlton, Kapalua, making its seventh appearance; and the Four Seasons Resort Hualalai, near Kona, getting its fifth award.
In the restaurant category, only one Hawaii eatery earned the Five Diamond, La Mer at the Halekulani Hotel in Waikiki, which has earned the rating for 13 consecutive years.
MAINLAND
Delta to launch new coach-class carrier
ATLANTA >> Delta Air Lines is launching a low-fare mini-airline at the same time it cuts costs by $2.5 billion more over the next three years.Delta needs to further reduce spending to deal with the lingering effects of the Sept. 11 attacks, Chief Financial Officer Michele Burns announced Friday at an industry conference in Key Biscayne, Fla.
Details of the coach-class airline-within-an-airline will be made public by the end of the month, spokeswoman Peggy Estes said.
Companies plan more hires next year
MILWAUKEE >> Companies plan to hire slightly more people in the first few months of 2003 than a year ago even as they remain highly uncertain about the economy, a new survey says.The improvements in companies' hiring intentions are moving at a marginal pace for the second straight quarter, according to the Manpower Inc. quarterly survey of 16,000 businesses, which was released today.
Activation of new air traffic system OK
PHILADELPHIA >> In its first test at a major airport, a new air traffic control system that has been criticized by some as unreliable was switched on yesterday at Philadelphia International Airport.The Standard Terminal Automation Replacement System, or STARS, was activated at 5:50 a.m., the Federal Aviation Administration said. "Everything has been going smoothly," FAA spokeswoman Arlene Salac said.
The $1.3 billion system, which was already in eight airports, is to go into 74 in all. It has color monitors, rather than monochrome, and allows controllers to see weather maps.
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[ HAWAII INC. ]
NEW JOBS
>> Remedy Intelligent Staffing has named Patrick Stuart human resources manager. He will be responsible for all employee benefits and placements in addition to recruiting programs with the local universities. Stuart previously served as associate human resource manager for the Hapuna Beach Prince and Mauna Kea Beach hotels, where he managed employee benefits for both properties.>> Team Vision has hired Anne Sakutori and Tad Saiki as graphic designers and Julie Funasaki as an account executive. Sakutori is primarily responsible for Web development and print design for clients including Castle & Cooke Homes Hawaii, the Island of Lanai and Paradise Cove. She most recently worked as a graphic designer for RevaComm. Saiki is primarily responsible for print design. He previously worked as a graphic designer for Dana Labels Inc. Funasaki will be responsible for managing client advertising accounts. She most recently worked as an account executive for PRWorks. Team Vision is a full-service marketing and Web development agency that specializes in Internet solutions.
RECOGNITION
>> The American College of Forensic Examiners has designated Patricia Bailey a certified medical investigator. This certification recognizes additional training and expertise in conducting medical investigations. The ACFE is an international membership association developed to provide a reliable, standardized forum for ethical and professional practice in all fields of forensics.
