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Professional earners pay price of paradise

The cost of living for Honolulu professionals and executives exceeded the national average by 54.4 percent in the third quarter of 2003.

The city was ranked the fourth costliest for those in the top 20 percent income bracket among U.S. urban areas surveyed. Honolulu fell behind Manhattan, Jersey City and San Francisco, but was ahead of Long Beach, San Diego, Washington, D.C., and Chicago.

The quarterly survey, which looked at 300 urban areas, was conducted by ACCRA, a national nonprofit that calculates the cost-of-living index. The survey was released yesterday by the University of Hawaii Economic Research Organization, which calculated expenses for Honolulu. The income parameters for Honolulu were not available, but nationwide, these households tend to earn $70,000 to $100,000 or more, according to ACCRA.

While Honolulu ranked fourth in the survey, it had the highest costs for groceries, gasoline and electricity. The study found that groceries were 52 percent more expensive than the national average and gasoline was 32 percent higher. Housing prices, which were more than double the national average, were among the five highest in the country.

The ACCRA survey is not representative of the entire population because it uses a basket of survey items designed to reflect the buying habits of professional and executive households with incomes in the top 20 percent.

Marriott gets 14th Hawaii hotel

The 312-room Coconut Beach Resort on Kauai will undergo a renovation and be renamed Courtyard by Marriott Kauai, making it Marriott's 14th property in the islands.

Fairfield, Calif.-based Presidio Hotel Group LLC bought the leasehold Coconut Beach Resort in September from Pleasant Travel Service for an undisclosed price.

Courtyard by Marriott hotels is a moderate-priced brand. The Kauai property will have 5,000 square feet of renovated meeting and banquet space.

Hokulia goes forward with layoffs

The developers of Hokulia, the luxury housing development south of Kona, notified the state Department of Labor and Industrial Relations last Tuesday that the company laid off 82 employees effective Nov. 21.

The developer, 1250 Oceanside Partners, said Hokulia employees will receive full pay through Dec. 31 and will continue to receive health insurance coverage through March 31, 2004.

Big Island Circuit Court Judge Ronald Ibarra ruled Sept. 12 that the developers could not continue construction or development in its current form. The company was given the option of seeking a land re-classification from the state Land Use Commission or a declaratory ruling regarding any changes to the project. A second option for the company is to appeal the judge's decision to the state Supreme Court.

Attraction group growing

The Activities and Attractions Association of Hawaii said its membership has surpassed 200 statewide, after it was joined by new members including Iolani Palace, the Hawaii Plantation Village on Oahu, Dole's Pineapple Express and the Hawaiian Waters Adventure Park.

The Maui-based association, formed last year in the merger of the Hawaii Attractions Association and the Activity Owners Association of Hawaii, provides marketing programs, online services and lobbying support.

Cyanotech gets nod from Nasdaq

Cyanotech Corp. said today it has met all the conditions needed to allow it to continue to trade on the Nasdaq SmallCap Market.

The Kona-based microalgae grower's price had to be at least $1 a share for 13 consecutive days to retain the listing. That was achieved Nov. 25. Cyanotech said it received a formal notice from the Nasdaq listing qualifications panel that it had met the requirements. Its shares closed up 14 cents yesterday at $1.37.