---

BACK TO TOP
|

Watumull buys West Maui Center

Watumull Properties Corp. has bought the West Maui Center from Hawaii Omori Corp. for $1.7 million. Watumull said it is in talks with prospective tenants to fill several vacancies in the office, retail and restaurant complex.

The deal closes the books on Hawaii Omori's investments in Maui real estate. The company began selling off its 20 commercial and residential properties on the island last year and the West Maui Center was the last of those holdings.

New tenants to replace Penney's

Funky and outrageous fashion designer Betsey Johnson will be among the new tenants that will share the old J.C. Penney space at Ala Moana Center.

Johnson, Hollisters, Journey's and Build a Bear Workshop will be among 30 new and relocated merchants in the redeveloped 140,000-square-foot retail and restaurant space. Existing shops that will move into the new space include Fendi, Guess and Sharper Image.

"We are looking forward to adding three to five new full-service restaurants to the fourth level in 2005," said Kay Day, regional leasing vice president for Ala Moana. A new escalator from the mauka parking area will provide access to the eateries.

Fixed-rate mortgages preferred

Hawaii homeowners strongly favor long-term fixed-rate mortgages over adjustable-rate mortgages, though that preference is less pronounced in the islands than in most other states, according to a study.

Eighty-two percent of American homebuyers prefer the security of a 30-year fixed-rate mortgage, according to data from the Federal Housing Finance Board. The percentage is 77 percent in Hawaii, making it the sixth lowest in the nation.

The board said the overwhelming popularity of fixed-rate mortgages reflects the desire of homebuyers to lock in recent record-low interest rates.

The state with the highest percentage of fixed-rate mortgages was Alaska at 98 percent. Colorado and Michigan tied for the lowest at 70 percent.

Hawaiian, Boeing seek extension

Hawaiian Airlines and Boeing Capital Corp. asked federal Bankruptcy Court yesterday for a ninth extension to give the two sides additional time to reach restructured lease agreements on 14 aircraft.

The existing extension expires Thursday. The next extension expires May 31.

Without the extension, Boeing would have the right to repossess its planes under federal bankruptcy law. However, it is unlikely Boeing would make such a move since it is co-proponent of a reorganization plan for Hawaiian that includes a restructured lease deal.

Hawaiian, which has 25 planes, is trying to renegotiate leases with Boeing on three 767s and the 11 717s that comprise Hawaiian's interisland fleet. The airline already has restructured its leases on seven 767s with Ansett Worldwide and four 767s with International Lease Finance Corp.

Boyd Gaming president will retire

Boyd Gaming Corp., which owns and operates 13 casinos in six states and the Vacations Hawaii package tour company, said President Don Snyder will retire in March 2005 and be replaced by Chief Operating Officer Keith Smith.

Snyder, 56, joined Boyd in 1996 as a board member and became president the following year, company spokesman Rob Stillwell said. Smith, 43, will continue as COO, a position he has held for the past three years, Stillwell said.