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HAWAII
Outrigger and Marriott co-brand two resorts
In a competitive move, two Outrigger resorts on Maui and the Big Island will be renamed Marriott properties, though Outrigger will continue to own and manage them.Beginning next month, the 521-room Outrigger Wailea Resort on Maui will be known as the Wailea Marriott, an Outrigger resort. Similarly, the 545-room Outrigger Waikoloa Beach on the Big Island will be called the Waikoloa Beach Marriott, an Outrigger resort.
The maneuver is part of a franchise agreement with Washington, D.C.,-based Marriott International Inc., which currently manages seven hotels in Hawaii.
Outrigger had been exploring the strategy for about a year with several hotel companies, in part because of heavy competition from frequent-guest awards programs used by the major chains. Marriott, which recently opened its 2,500th hotel, does a lot of awards business in Hawaii, said David Carey, president and chief executive of Outrigger Enterprises Inc.
Outrigger, which manages or is developing just under 50 properties in the Pacific, is simply not big enough to have its own awards program, Carey said.
The Wailea and Waikoloa resorts will continue to benefit from Outrigger's relationships with travel agents. In turn, Outrigger will capitalize on the Marriott brand.
CPB boosts cash dividend
The board of directors of CPB Inc. yesterday announced a 10 percent increase in the company's quarterly cash dividend.The fourth-quarter payout, to be made Jan. 24 to shareholders of record Dec. 31, will be 11 cents a share, up from 10 cents.
Dividends of 40 cents a share for 2002 are up 17.7 percent from the 34 cents paid on 2001.
CPB, parent of 24-branch Central Pacific Bank, has assets of $2 billion. CPB shares closed up $2.07 yesterday at $31.07.
62nd L&L opens in Kapolei
The newest L&L Drive-Inn, which opened this week in the Marketplace at Kapolei, is the chain's 62nd outlet and the only one to open in Hawaii this year. The are 48 L&L outlets in the islands and another 14 on the mainland.
A&B will buy shares through 2004
Alexander & Baldwin Inc. yesterday extended its stock-repurchase program for two years. The parent of Matson Navigation Co. and owner of real estate and agriculture businesses, said it plans to buy as many as 2 million of its shares through Dec. 31, 2004.The new plan replaces one that was to expire at the end of this year.
A&B closed up 16 cents yesterday at $25.41.
'Keep it Hawaii' entries sought
Entries for the Hawaii Visitors & Convention Bureau's 12th annual "Keep it Hawaii" awards are due Jan. 31."Keep it Hawaii," created in 1990, recognizes businesses, organizations or people who work to preserve Hawaiian culture. The Ohana Aloha project of the Hawaiian EDventure Program won Best in Show at this year's awards luncheon. The program also won the award in 1999.
Entries can be delivered during regular working hours to the Schiller Agency, 233 Merchant St., Suite 200, Honolulu, 96813. For more information, send an e-mail to mds@tsg-hawaii.com or call 539-5720.
GE to buy Finnish medical device maker
General Electric Co. said today it will buy Instrumentarium, a Finnish company that makes anesthesia and critical-care medical systems, for $2.1 billion in cash to bolster its already fast-growing health-care equipment business.GE would combine Instrumentarium with its GE Medical Systems unit, which with about $10 billion in annual revenue is itself bigger than most of its peers. The acquisition is GE Medical's largest ever and part of its plan to treat disease, not just monitoring and diagnosing it.
Kmart to stay open 110 straight hours
TROY, Mich. >> Kmart Corp., the largest U.S. retailer to file for bankruptcy, will keep stores open 110 straight hours leading up to Christmas and mark down prices as much as 70 percent to try and halt a sales slide and mounting losses.The discount chain's approximately 1,800 stores will open at 6 a.m. on Friday and close at 8 p.m. Tuesday, according to a Bloomberg News report. This is the third year Kmart is trying to bolster holiday sales by staying open without a break.
Kmart will announce more store closings next month. Holiday results will be crucial in determining how many will be shuttered, Kmart officials said.
SEC suspends e-Smart stock through Dec. 27
The Securities and Exchange Commission on Monday said it suspended trading of e-Smart Technologies Inc. stock, which last traded at 46 cents, through Dec. 27 due to questions concerning the accuracy of its public information.Company president Mary Grace and Wayne Drizin, the purported co-inventor of a security card device, were arrested and charged with securities violations last week.
The company, which develops electronic security technology, said last year it was going to open a Hawaii office and hire 50 engineers, but never did.
