Makena Beach auction set for April

The Makena Beach and Golf Resort will go on sale at an auction April 29 to satisfy a $192 million debt.

The foreclosure auction will be held at 11 a.m. in the lobby of the Wailuku Courthouse, according to a notice of foreclosure that was published Wednesday. A minimum bid is not required to start the purchasing for the fee-simple 1,800-acre property, which includes the former Maui Prince Hotel. The hotel has been managed by Benchmark Hospitality International since last fall when Wells Fargo, the trustee of the mortgage lender, petitioned for receivership and new management to keep the asset open.

Honolulu real estate developer and broker Chris Lau, who was appointed in March by 2nd Circuit Judge Shackley F. Raffetto as commissioner of the sale, will handle the transaction.

Pacific Office, Bishop Street team up

Pacific Office Properties, a real estate investment trust with a large presence in Hawaii, has selected Bishop Street Commercial to lease 1.6 million square feet of class A Honolulu commercial office space in what Pacific Office calls the largest commercial leasing assignment in state history.

Properties include the Davies Pacific Center, Pan Am Building, First Insurance Center, Waterfront Plaza, Clifford Building, PBN Building and Bank of Hawaii Waikiki Center.

Bishop Street has assembled a leasing team that will consist of Matthew Bittick, its senior managing director and managing partner, along with Pacific Office leasing director Craig Neher, who most recently was responsible for leasing at Waterfront Plaza and First Insurance Center, and Steven Marcus and Keenan Sue, both most recently with Colliers Monroe Friedlander.

Senator to offer his U.S. financial bill

WASHINGTON » Unable to muster bipartisan agreement on key banking provisions, the chairman of the Senate Banking Committee said yesterday he will offer his own version of a sweeping overhaul of financial regulations without Republican support. “;Clearly, we need to move along,”; said Sen. Christopher Dodd, a Democrat.

A month of talks between Dodd and Republican Sen. Bob Corker had found common ground, but details on key provisions, including consumer protections and other sticking points, remained unsettled.

Dodd said he hoped the Senate could act on a bill sometime in the next three months.

Chicago options exchange seeks IPO

NEW YORK » The last major private exchange left in the United States, the Chicago Board Options Exchange, filed for an initial public offering yesterday of up to $300 million.

The CBOE plans to convert from a member-owned organization to a publicly traded corporation known as CBOE Holdings Inc. that analysts say could be worth up to $5 billion.

The Chicago exchange, the largest platform for options trading in the U.S., did not say when it plans to go public or how many shares it hopes to sell.

Options are useful tools for investors because they can help hedge risk. The CBOE is famous for creating products such as the VIX, a popular gauge of risk known as the market's “;fear index.”;

ON THE MOVE

Bank of Hawaii has promoted the following:

» Jennifer Lam to senior vice president. She also will remain as portfolio manager in Bank of Hawaii's Treasury Department, where she manages the bank's investment portfolio, oversees the bank-owned life insurance portfolio and conducts economic and financial analyses. She joined the bank in 2005 as a product manager in the Investment Products Department.

» Carol A. Marx to senior vice president and residential lending sales manager in Bank of Hawaii's Mortgage Banking Division. She has been a branch manager, vice president and public relations manager at the former Pioneer Federal Savings Bank; mortgage product manager, main banking center sales manager, vice president and sales manager at First Hawaiian Bank; and sales manager and venture manager at Bank of American Home Loans.

TD Food Group has promoted Justina Yanuaria to restaurant general manager from assistant restaurant manager at the Wilder Avenue Pizza Hut. She is a six-year employee of TD Food Group.

Manakai o Malama Integrative Healthcare has appointed Dr. Robert R. Sloan as physical medicine specialist. His has been a physician for the U.S. Olympic Committee and Ironman Triathlon.