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HAWAII
SMG to market HCC for another 6 years

Philadelphia-based SMG Hawaii will manage and market the Hawaii Convention Center for the next six years.

Under an extended contract approved by the state Hawaii Tourism Authority board yesterday, SMG will be paid a base annual rate of $382,294, plus annual increases based on the inflation rate, which will be capped at 4 percent a year.

SMG, which began managing the center in 1996, took over marketing responsibilities from the Hawaii Visitors & Convention Bureau in 2003 after a state law mandated that the center's manager must also serve as its marketer. Its current contract ends next year.

The extension runs through June 30, 2011, but could be terminated if the authority is not pleased with SMG's performance.

To date, SMG's reviews have been positive, said Rex Johnson, director of the tourism authority, which selects the center's manager.

"SMG in our opinion has done a heck of a job," Johnson said. "They are a well-oiled, smooth running operation and are making great strides to fill all voids."

Servco buys garage-door distributor

Servco Pacific Inc. has bought a local garage door distributor and installer, Raynor Pacific Overhead Doors. The price was not disclosed.

Nearly all of Raynor Pacific's 30 employees will be retained. The new division will operate as Servco Raynor Overhead Doors Inc. and will remain at 94-133 Pahu St. in Waipahu.

Peter Eldridge, president of Raynor Pacific, will join Servco as vice president and general manager of Servco Raynor.

Fitch issues Hawaii bond ratings

Fitch Ratings has assigned an "AA-" rating to the state's $18.7 million in general obligation bonds, series DH, and affirmed the same rating for approximately $4.3 billion in outstanding bonds.

Fitch has also rated Hawaii Housing and Community Development Corp.'s $75.2 million in single-family mortgage purchase revenue bonds, 2005 series A and B, at "AAA."