Honolulu Star-Bulletin Business /2004/12/10/

[ FAST FACTS HAWAII ]

Maui developer will hold lottery for townhomes

Stanford Carr Development will hold a lottery Wednesday to determine the buyers for 114 townhomes in its Kehalani Gardens subdivision.

The company says the homes are being offered at below-market prices to improve the homeownership prospects for local families on Maui, which has the priciest real estate in Hawaii. The townhomes range from $240,000 for a two-bedroom unit to a maximum $325,000 for a three-bedroom.

The median price for townhomes and condos on Maui has risen this year to around $350,000, while single-family homes have flirted with the $600,000 level since this summer.

Eligibility will be restricted to buyers whose household income does not exceed 140 percent of the county median, which sets a ceiling of $84,980 in a formula worked out between the developer and the county government. Buyers also must be owner-occupants for at least two years.

The deadline to sign up for the lottery is the end of the day Monday.

Hawaiian Air parent sells shares

The parent of Hawaiian Airlines has sold more than $3.7 million in newly issued stock to three undisclosed institutional investors.

Hawaiian Holdings Inc. said in a Securities and Exchange Commission filing yesterday that it sold 650,000 in unregistered shares for $5.75 a share. Unregistered shares can't be sold on the open market.

The stock closed down 2 cents yesterday at $6.48.

Hawaiian Airlines has been in Chapter 11 bankruptcy since March 21, 2003, and has a hearing set on Jan. 25 to confirm a reorganization plan.

"Holdings has incurred expenses as it developed the plan of reorganization and we needed to pay some of the advisers and professionals who have been providing services to us," Hawaiian Holdings Chief Executive Lawrence Hershfield said.

State credit union returns $1M

The Hawaii State Federal Credit Union has returned $1 million to members in bonus dividends and loan interest rebates, the ninth consecutive year the credit union has offered the program.

The 59,000-member organization, which has more than $746 million in assets, has returned more than $28 million to its members since 1996.

Island Air opens online ticket site

Island Air, which became independent in May, launched its own online reservation service yesterday.

Customers who book their tickets through www.islandair.com will get 10 percent off their fares. Island Air offers 94 daily flights to Honolulu; Molokai; Lanai; Kapalua and Kahului on Maui; Kona and Hilo on the Big Island; and Lihue, Kauai.

The interisland carrier, a former sister carrier to Aloha Airlines, is owned by San Francisco-based Gavarnie Holding LLC.

Flight reservations can be made by calling 484-2222 from Oahu, 1-800-652-6541 from the neighbor islands, and 1-800-323-3345 from the mainland.

Travel agents give kudos to Aston Hotels

Aston Hotels & Resorts Hawaii has received three "Best Condominium" island awards in an annual survey of more than 400 travel agents by Rendezvous Tours, Hawaii's largest interisland travel package wholesaler. It is the third consecutive year that Aston has received the awards.

The Aston Waikiki Beach Tower, Aston Kaanapali Shores on Maui and the Shores at Waikoloa on the Big Island each received "Best Condominium" awards for their respective islands.

Travel agents weighed a property's value to their clients, positive feedback and support from sales staff.

Bank of Hawaii aids Pacific teacher fund

The Pacific Teacher Scholarship Fund, created to increase the number of qualified teachers in the Pacific, has received a $15,000 contribution from Bank of Hawaii.

Scholarship recipients must be committed to teaching in American Samoa, the Commonwealth of the Northern Mariana Islands, the Federated States of Micronesia, Guam, the Marshall Islands or Palau.

[Hawaii Inc.]

PROMOTIONS

» General Growth Properties has promoted three employees and hired three employees. Catherine Loy has been promoted to regional vice president, business development. She will be responsible for overseeing business development activities at Ala Moana Center, Victoria Ward Centers, Windward Mall, Prince Kuhio Plaza in Hilo and Queen Kaahumanu Center on Maui. Jeff Dinsmore has been promoted to development vice president. He will be responsible for overseeing all development activity in Hawaii. Jasmine Tso has been promoted to Ala Moana Center marketing and promotions director. She previously worked in marketing and special events for Universal Studios Hollywood, South Coast Plaza in Costa Mesa, Calif., and the Rouse Co.

» Hawaii Pacific Federal Credit Union has promoted Kelly Souza to Ala Moana branch manager. She will oversee the branch and develop new business. She previously worked for the Hawaii Schools Federal Credit Union.