Honolulu Star-Bulletin Business /2005/03/18/

[ FAST FACTS HAWAII ]

Mainland companies snap up isle properties

Mainland buyers accounted for more than three of every four dollars invested in large real estate deals in Hawaii last year, pointing to continued growth this year, according to a new report.

In its annual review, commercial real estate firm Colliers Monroe Friedlander said that investment funds, real estate investment trusts and other big mainland investors acquired more than $2.8 billion of the $3.5 billion spent on local hotels, office buildings, industrial properties and shopping centers in 2004.

Hamasu said an informal company survey of local bankers, appraisers and brokers found that most real estate professionals believe that the current market conditions will continue for the next year or two.

Embassy Suites to join Waikiki

The Embassy Suites hotel brand will join the Waikiki Beach Walk as part of Outrigger Enterprises Inc.'s redevelopment of the Lewers Street area.

Outrigger will close its Ohana Waikiki Tower and Ohana Waikiki Village hotels next month to make way for the Embassy Suites-Waikiki Beach Walk, a 421-suite hotel scheduled to open in 18 months. Embassy Suites Hotels has time-share properties on Maui and Kauai.

United Air boosts summer flights

United Airlines plans to raise the frequency of its Honolulu-San Francisco and Honolulu-Los Angeles service to five flights a day from four during the summer, the carrier said.

Also, United plans to increase its service between San Francisco and Maui to four daily flights from three.

Flood insurer enters Hawaii market

Utah-based insurance company Poulton Associates Inc. said yesterday it has begun selling residential and commercial landslide and flood insurance in Hawaii through its Internet division.

The company's policies offer property coverage of up to $5 million, company President Craig Poulton said, which is higher than the $250,000 available for homes through the federal government's flood insurance program.

Property owners can apply for coverage through their insurance agent or at www.insurecat.biz, and can pay for the coverage online. Insurance agents can access the coverage through www.insurecat.com.

The company does not offer insurance for wind damage, but any flood damage from a hurricane or storm would be covered, Poulton said. Damage from flowing lava is covered under the landslide provision, he said.

Poulton Associates, licensed in all 50 states, offers online insurance policies in several western and eastern states, and will initially write up to $50 million in policies in Hawaii. The insurance is underwritten by Lloyd's of London.

A&B sells off floors in Alakea St. building

A&B Properties Inc., which bought the downtown Alakea Corporate Tower for $20 million in 2003, said yesterday it has sold all 31 floors of the building as converted office condominiums.

The average sales price of a full-floor unit went for more than $1 million. The office condominiums were marketed as full-floor and half-floor units. Buyers included Barnwell Industries, Cutter Management, Stanford Carr Development, the Kobayashi Group and the Queen Liliuokalani Trust.

Mera Pharmaceuticals delays financial report

Mera Pharmaceuticals Inc., a Kona-based company that produces nutritional products from microalgae, told the Securities and Exchange Commission yesterday that it will need to delay its first-quarter financial report.

The company, which was required to file the report by yesterday, has until Tuesday to submit its financial information.

Mera said the filing was late because its auditor has not completed a review of the company's financial statements.

Flower farm owner wins business award

The Hawaii chapter of the National Federation of Independent Business has named Maui flower entrepreneur Teena Marie Rasmussen its 2005 "Small Business Champion."

Rasmussen and her husband, Craig, own the 56-acre Paradise Flower Farms in Kula, Maui. She will compete with small business champions in 11 western states for a regional award.

Last year's Hawaii winner was tax attorney Ron Heller.

Executive apartment company opens office

A Los Angeles-based company that rents apartments in U.S. and Asian cities to corporate executives has opened a Honolulu office.

Natalie Diehm will manage Oakwood Worldwide's Hono-lulu office at Restaurant Row.

The company leases fully furnished apartments on a monthly basis to business travelers, relocating executives and others. It has properties in Waikiki, downtown and other central locations.

[Hawaii Inc.]

NEW JOBS

» Tissue Genesis Inc. has hired two senior personnel. Nola Miyasaki has been hired as a corporate vice president. She will be responsible for handling corporate governance, investor relations, the company's growing intellectual property portfolio and strategic management. She most recently served as director of the Falcone Center for Entrepreneurship at Syracuse University in New York. Eugene Boland has been hired as a senior scientist in vascular tissue engineering. He previously served as the principal investigator and lead technical scientist in two start-up biotech companies.

» Alexander & Baldwin Inc. has hired Paul K. Ito as director, internal audit. He will be responsible for directing the internal audit activities and developing and overseeing a risk assessment and management program. He replaces John Duncan, who is leaving to accept a position with another company.

» Kukuiula Development has appointed Hannah Sirois sales and marketing director. She serves as a Pacific Ocean Properties broker. She will serve as a consultant to Kukuiula until she assumes her sales and marketing duties later this year.

» The Natural Energy Laboratory of Hawaii Authority has appointed Ronald Nelson Baird CEO. He will assume responsibility for managing the agency in mid-April. He has more than 20 years in investment banking specializing in emerging leading edge technology and energy companies.

ON THE BOARD

» The Hawaii Hospitality Sales & Marketing Association has elected Alex Kirley as its president. She is a group sales director for Ruth's Chris Steak Houses in Hawaii. She is responsible for sites in Hono-lulu's Restaurant Row, on Front Street in Lahaina and at the Shops at Wailea.