The Unholy
Trinity
Sightings from The Catbird Seat
~ o ~
October 22, 2007
Kahala Hotel upgrades
aim for renewed glory
By Andrew Gomes, Honolulu Advertiser
A little more than a year ago during a stay at The Kahala Hotel & Resort, Charles Sweeney plunged a floor of guest rooms into darkness by plugging a coffee pot into the electrical outlet in his room.
As the chairman of a partnership that had then just bought the now-43-year-old O'ahu luxury hotel, Sweeney knew the property needed improvements, but the blackout underscored how extensive a renovation would be necessary to restore The Kahala's lost prestige.
The regal, oceanfront hotel and popular local wedding spot — at one time regarded as Hawai'i's most luxurious vacation destination — had indeed seen better days.
"It was a little tired," said Joseph Toy, president of local hotel industry consulting firm Hospitality Advisors LLC.
Today, a $2.5 million electrical system upgrade and four floors of renovated rooms are ushering in the beginning of what Sweeney said will be a gradual grand renewal of what had been, until last year, O'ahu's only AAA Five Diamond hotel.
The hotel, which hosts about 800 weddings a year and features daily room rates from $395 to $4,000, is staying open during its three-year, $50 million upgrade that will replace everything from linens to the laundry room.
Well, not exactly everything. Antique lobby chandeliers and the dolphin lagoon are among some items that will remain at the stately, yet relaxed hotel built on 6.5 acres next to Waialae Country Club....
FOCUSING ON ROOMS
The hotel's 343 rooms, however, are the main focus of the improvement plan, accounting for $30 million of the $50 million in estimated work, according to Sweeney, chairman of Honolulu-based Trinity Investments LLC, which through an affiliate paid $176 million for the Kahala Hotel in November 2005.
Each room with its elegant plantation decor is being stripped to its structural bones and reappointed in more contemporary tony fashion....
THE PLACE TO BE
When it opened in 1964, the then-Kahala Hilton with its dolphin lagoon and relatively large 550-square-foot standard rooms established itself as Hawai'i's premier luxury vacation stop for world leaders. Guests included President Nixon, Emperor Hirohito, Queen Elizabeth II and King Hussein.
So many celebrities also coveted the Kahala Hilton as the place to be — performers from John Wayne to Bette Midler to Michael Jackson — that the resort was nicknamed Ka-hollywood.
Over the decades, more grandiose and luxurious Hawai'i resorts were developed, particularly on the Neighbor Islands, which diluted the prominence of the Kahala Hotel to one among Hawai'i's best.
But the Kahala Hotel also has endured periods of decline and renewal under four owners over four decades.
A HIGH POINT — AND SOME LOWS
Perhaps the low point for the Kahala Hotel was in the early 1990s when a dispute over ground lease rent forced William Weinberg to sell the hotel to Japanese commodities executive Katsumi Iida and local developer Bill Mills in 1993 after years of deferred maintenance.
The dispute involved how much Weinberg had to pay landowner Kamehameha Schools in lease rent. Iida's Kahala Royal Corp. paid about $54 million for the hotel, and in 1995 made Hong Kong-based hotel operator The Mandarin Oriental Group a 40 percent partner to help finance a $75 million renovation completed in 1996.
The 1996 upgrade included renovating rooms, expanding banquet facilities, converting five guest rooms into spa treatment rooms and creating Hoku's restaurant in place of a shuffleboard court.
Under the Iida-Mandarin partnership, the hotel attained its coveted five-diamond rating. But in recent years, operations strained as Iida's business empire crumbled.
Iida was president of the commodity futures trading firm Tokyo General Corp., which failed in 2004. His investments in other businesses, including Hawai'i hotels, were cited in Japan press accounts as playing a part in Tokyo General's failure, which led to bankruptcy-like proceedings.
Under a work-out deal, Mandarin sold its stake in the Kahala Hotel to Iida's firm that then sold the property to Trinity....
Sweeney co-founded Trinity's predecessor firm in 1996 with former Chris Hemmeter partner George Ruff and local attorney Jon Miho....
Other former Trinity holdings include stakes in Aloha Tower Marketplace, Harbor Court, Wailea 670 and three business hotels in Japan.
Today, Trinity owns three hotels: The Kahala, a recently opened Embassy Suites hotel in Mexico City, and a 100-villa luxury resort being developed in Cabo San Lucas, Mexico. Trinity also owns the mortgage on the Hyatt Regency Waikiki, which Hyatt is buying from financially troubled Azabu Buildings Co. Ltd.
Sweeney said that of all the hotels he's been involved with, The Kahala is the most unique because of its age, location and history.
"This is a magical place," he said. "It can't be replicated."...
February 9, 2007
DOWLING COMPANY, TRINITY INVESTMENTS, AND MORGAN STANLEY REAL ESTATE TO ACQUIRE MAKENA RESORT ON MAUI FOR $575 MILLION
HONOLULU – Maui developer, Dowling Company and luxury Hawaii hotel operator Trinity Investments, have teamed up with Morgan Stanley Real Estate to acquire Makena Resort on Maui from the Seibu Group for $575 million. The sale is scheduled to close March 27, 2007.
Seibu announced last fall that it was seeking a buyer for the 1,800-acre master-planned resort that includes the 310-room beachfront Maui Prince Hotel, two 18-hole Robert Trent Jones, Jr.-designed golf courses, and approximately 1,300 acres of undeveloped land.
“We are very pleased to place the future of Makena Resort and its exceptional employees in the hands of Dowling Company and Trinity Investments, two esteemed local companies with strong community ties on Maui, as well as Morgan Stanley, one of the world’s most respected financial services firms,” said Donn Takahashi, president of Prince Resorts Hawaii, which operates Makena Resort for the Seibu Group....
Everett Dowling commented, “We are excited to become the entrusted keeper of this extraordinary property. We intend to bring our company’s deep commitment to environmentally and culturally sensitive development to every aspect of Makena Resort.”
The new owners will assume the current ILWU contract and retain all of the resort’s union employees.
Dedicated to the concept of “Building in Balance,” Dowling Company is committed to developing real estate projects to the highest environmental and cultural standards and that improve the quality of life on Maui. Some of the company’s most noted developments include Maui’s first privately-developed public school, four projects for the Department of Hawaiian Homelands, One Palaue‘a Bay, the Kulamalu project, which includes the Maui Campus of the Kamehameha Schools and Maluaka in Makena.
Trinity Investments, led by Jon Miho and Charles “Chuck” Sweeney, owns and operates the Kahala Hotel on Oahu and previously developed and operated the Kea Lani Hotel at Wailea, Maui....
The other Hawaii properties of the Seibu Group including Mauna Kea Beach Hotel, Hapuna Beach Prince Hotel and the Hawaii Prince Hotel Waikiki, are not for sale and will continue to be operated by Prince Resorts Hawaii, Inc.
http://www.mcneilwilson.com/text/print_release.jsp?docid=698
May 29, 2006
Trinity may buy bankrupt
Waikiki Hyatt
Pacific Business News (Honolulu)
The new owner of The Kahala Resort is positioning itself as a potential bidder for the Hyatt Regency Waikiki Resort & Spa.
Trinity Investments, a Honolulu-based firm that has made substantial profits specializing in the purchase of hotels owned by cash-strapped Japanese companies, now holds the first and second mortgages on the Hyatt Regency Waikiki. The firm bought the mortgages in March, about a month after the Japanese hotel owner filed for Chapter 11 bankruptcy in court in Honolulu.
The owner, Azabu Buildings Co. Ltd., went into bankruptcy Feb. 1. The mortgages held by Trinity total $330 million, and mature Nov. 6. Trinity hopes to convert its mortgage claim to equity by then.
Meanwhile, Trinity also acquired C.K. Corp., one of the fee owners of the land under the hotel.
Since it was founded by former Amfac hotel executive Charles Sweeney and Honolulu attorney Jon Miho in 1997, Trinity has picked up distressed commercial and resort properties bought or built by Japanese companies in the 1980s, refreshed and repositioned them, then resold at a hefty profit. Trinity often approached the hotels' creditors directly, offering cash to take the properties off their books quickly.
Late last year, Trinity acquired the Kahala Mandarin Oriental from its financially troubled Japanese owner for $175 million. Trinity changed the name to The Kahala Resort and took over the hotel's management.
Trinity adopted a similar strategy when it acquired the Kea Lani on Maui, upgrading and managing the property until it was sold in 2001.
But acquiring the Hyatt property will be a complex and expensive proposition. Hotels are now one of the hottest segments in commercial real estate and unlike the late 1990s, no one is selling at a loss.
Azabu won a four-month extension last week from U.S. Bankruptcy Judge Robert Faris to file its reorganization plan. Its new due date is Oct. 1....
But before Azabu gets to draw up a reorganization plan there are several other pending matters, including the eligibility of the claims of Japanese creditors who forced Azabu into bankruptcy.
Azabu Buildings owes about $4.3 billion to 35 creditors in Japan. Its primary asset in Hawaii is the hotel, in addition to which it owns $6.2 million worth of property, including a leasehold interest in the King's Village Shopping Center behind the Hyatt. The center is not involved in the bankruptcy.
However, the company's Japanese creditors banded together and filed for an involuntary bankruptcy petition in Hawaii last November. Azabu forged an agreement with its creditors to withdraw their petition, and filed for voluntary Chapter 11 in February.
"Anticipated litigation in this case could delay the sale of the hotel and/or confirmation of a reorganization plan," said James Wagner, who represents Azabu, in a court filing.
Also, The Chuo Mitsui Trust and Banking Co., Azabu's Japanese banker, says it holds a $125 million unpaid claim.
Further complicating any deal is the lease of the land under the Hyatt. Azabu's lease runs until 2047, but it is required to renegotiate the rent for the next 10 years, starting next Jan. 1. At present, Azabu pays a total of $5 million in annual rent to three owners.
Another possible disruption would be the hotel's negotiations with its union, whose contracts expire June 30.
These significant issues, Azabu's attorneys have argued, stand in the way of a sale of the hotel or putting together a reorganization plan that maximizes its value.
Paul Alston, the Honolulu attorney who represents Chuo Mitsui and the two mortgage lenders that Trinity acquired, said the case can't be dragged on forever.
"The loans come due Nov. 6 and things can't wait," Alston said. "Nobody has made any decisions yet, because people still are unraveling the Gordian knot. But things need to start happening."
Alston said Trinity is looking at several options including buying the hotel or being part of Azabu's reorganization plan for the hotel.
Such complex cases are not new to Azabu, whose Hawaii properties have been dragged into court by Japanese creditors before.
In 1993, Chuo Mitsui foreclosed on the $850 million mortgage on the Hyatt Waikiki. In 1996, Chuo Mitsui and Azabu struck a deal, and the bank created two entities that refinanced the loans to $380 million.
These were the two entities that Trinity bought, giving them control of the Hyatt mortgages. Trinity executives did not respond to requests for comment.
In 1998, the bank foreclosed on the Maui Marriott Resort, another Azabu purchase during its $600 million buying spree between 1986 and 1990. Azabu had to sell that property, and ended up owing $125 million to the bank. It's been chipping away at that debt from the Waikiki hotel's earnings.
Judge Faris has allowed Azabu to stop payment to that account so that it can pay for administrative and bankruptcy costs.
http://pacific.bizjournals.com/pacific/stories/2006/05/29/story1.html
For more, GO TO > > > Yakuza Doodle Dandies; Dirty Money, Dirty Politics & Bishop Estate; Paradise Paved
May 17, 2006
Corruption at the CIA
Hawaiian Hideaway?
by Rhonda Schwartz Reports, ABC News
Sources close to the widening probe of official corruption in Washington tell ABC News that investigators are studying travel records of expensive trips to Hawaii and Europe taken by top CIA official Dusty Foggo and San Diego defense contractor Brent Wilkes.
Prosecutors want to know who paid for the lavish trips to European castles and top end Hawaiian resorts, including this $7,000 a night Honolulu beachfront mansion, owned at one time by hair stylist super-star Paul Mitchell.
Wilkes, a close personal friend of Foggo is suspected of paying bribes to Congressman Duke Cunningham, who recently pled guilty in the corruption investigation.
* * * * *
To see the real estate ad - photos and video of the "Paul Mitchell" Estate - for the luxurious TRINITY vacation home rented for Wilkes and Foggo, click here:
http://www.hawaiianluxuryestaterentals.com/WEBS/Lanikai/104/PAULMITCHELLESTATE.html
* * * * *
http://blogs.abcnews.com/theblotter/2006/05/hawaiian_hideaw.html
~ ~ ~
For more, GO TO > > > The Strange Affairs of Duke & Dusty
December 1, 2005
Rep. Cunningham's
"Conspirator #1" Identified
In the plea agreement entered into by now-former Rep. Randy (Duke) Cunningham to a bribery conspiracy charge, two of the four unidentified coconspirators were cited as providing payments in exchange for government contracts.
A USA Today story (here) notes that the attorney for Brent Wilkes has acknowledged that his client is Conspirator #1, who had a controlling interest in ADCS Inc., a defense contractor that received a number of Pentagon contracts.
Wilkes is a substantial campaign contributor, mostly to Republican candidates, including a $25,000 donation to the Republican Congressional Campaign Committee in 2003 and serving as a "Pioneer" for President Bush's 2004 campaign in helping to raise at least $100,000. Federal Election Commission records on Wilkes' contributions list almost $150,000 in contributions to congressional candidates, including a couple Democrats, such as Sen. Dan Inouye.
Wilkes' home and office were searched earlier this year by FBI agents, and the plea agreement identifies Conspirator #1 as providing Cunningham with over $600,000 in cash and other benefits. With Cunningham agreeing to cooperate in the government's investigation, it is likely that Wilkes is a target of the investigation, and may already be cooperating.
His company was the recipient of Pentagon contracts that may have been based more on Congressional influence than genuine need, an area investigators are sure to be interested in learning more about.
September 23, 2005
Agreement reached to buy Kahala hotel
By Andrew Gomes, Honolulu Advertiser
An affiliate of Hawai'i-based real estate acquisition firm Trinity Investments LLC has reached an agreement to purchase the Kahala Mandarin Oriental Hawaii hotel.
The Trinity affiliate, Kahala Hotel Investors LLC, is buying O'ahu's only AAA 5-Diamond resort from Kahala Royal Corp., a company owned by Japanese businessman Katsumi Iida, Ruth Ann Becker, a spokeswoman for Iida's company, confirmed.
A price was not disclosed, but is estimated to be between $100 million and $200 million, or more, according to local real-estate experts.
Iida's company in June acquired sole ownership of the 364-room property after paying $97 million to a unit of Hong Kong-based Mandarin Oriental Hotel Group for its 40 percent stake in the hotel on land leased from Kamehameha Schools.
Trinity is an investment group founded by former Amfac Hotels chief Charles Sweeney, attorney Jon Miho and another hotel investor, George Ruff.
The company owned a stake in the Kea Lani Hotel at the Wailea Resort on Maui with Fairmont Hotels & Resorts, and recently lost a stake in O'ahu's Aloha Tower Marketplace.
Both the Kea Lani and Aloha Tower deals were investments in distressed assets by Trinity. Iida had been expected to sell the Kahala Mandarin because of personal troubles in Japan.
Iida was president of Fukuoka-based commodity futures trading firm Tokyo General Corp., which failed last year. His investments in other businesses, including Hawai'i hotels, has been cited in Japan press accounts as playing a part in Tokyo General's failure, which led to creditor claims and government allegations that the company faked financial statements.
Kahala Royal, however, is solvent and not a party to Iida's bankruptcy-like proceedings in Japan, even though Iida is the Hawai'i company's sole shareholder.
Iida originally bought the hotel with local developer Bill Mills in 1993 for about $54 million. Iida and Mills in 1995 made Mandarin Oriental a 40 percent partner to pay for about $40 million of a $75 million renovation that was completed in 1996. Mills no longer has a stake in the hotel.
From: Honolulu Star-Bulletin, 7/31/97: . . .
A Chicago-based partnership is buying the 318-room Keauhou Beach Hotel on the Kona Coast....
Trinity Investment Trust LLC, which is also purchasing the mortgage to the Aloha Tower Marketplace, has signed a letter of agreement to acquire the beachfront hotel from Azabu USA.
The hotel, built in 1970, sits on land leased from the Bishop Estate....
Azabu, headed by maverick deal maker Kitaro Watanabe, acquired the Keauhou Beach Hotel in 1987 for $13 million. During the 1980s, Azabu invested about $600 million in Hawaii, acquiring the Hyatt Regency Waikiki, the Ala Moana Hotel, the Maui Marriott and the Kona Lagoon [also on land leased from Bishop Estate].
Since then, Azabu has run into a string of financial difficulties. In 1993, lender Mitsui Trust & Banking filed a foreclosure suit on the 1,200-room Hyatt Regency.
In 1994, Mitsui wrote off $1 billion in bad debts from loans to Azabu.
Last month, Tokyo officials arrested Watanabe and two other Azabu officials alleging that they illegally concealed company assets from creditors. Azabu's Hawaii subsidiary said then that the arrests had no effect on the company's local operations.
Trinity, meanwhile, is part of a new wave of American buyers who are purchasing properties from financially troubled Japanese investors....
The company -- whose investors include former VMS Realty executives George Ruff, local attorney Jon Miho [of McCorriston Miho Miller & Mukai, defense attorneys for the Bishop Estate trustees] and hotel developer Charles Sweeney -- is trying to acquire the $60 million mortgage to the Aloha Tower Marketplace from Mitsui and take over the waterfront complex.
Last year, Trinity and Apollo Advisors L.P. bought the $130 million mortgage to the nearby Harbor Court luxury office and condominium complex for an undisclosed price from Mitsui.
Trinity has also joined up with Apollo, time-share operator Signature Resorts Inc. and Goldman Sachs' Whitehall Fund [another Bishop Estate investment] to buy the 413-room Embassy Suites Resort on Maui for $78 million....
[A Catbird Comment: Note that nowhere in this news article is there a tweet about Azabu's connection with the Yakuza.]
* * *
From the Honolulu Star-Bulletin, 3/11/99, by Gordon Pang:
Yoshimura Accused of Condo Conflict of Interest...
Colleagues of Councilman Jon Yoshimura say he has a conflict of interest in the Harbor Court condominium project.
Council Chairman Mufi Hannemann and members Steve Holmes and Donna Mercado Kim say Yoshimura should not be voting on matters involving the Harbor Court project because he is working for the project's chief lender.
Harbor Court Developers owes the city about $12 million for the fee interest of the property.
Yoshimura, an attorney, disclosed yesterday that he is being paid by the law firm of Verner Liipfert Bernhard McPherson Hand to do lobbying work at the state Legislature on behalf of Trinity Investment Trust LLC.
Yoshimura said that under the direction of former Gov. John Waihee, a Verner Liipfert attorney, he is lobbying to help Trinity gain the right to put up an underground parking lot at the Aloha Tower Marketplace's Irwin Park.
In early February, after he began working for Trinity, he participated in a closed-door vote of the Policy Committee that rejected a $6 million offer from Trinity and the developer as settlement for the money owed. Yoshimura later met with several Council members to discuss whether the city should present a counteroffer to settle at $10 million.
"I would have recused myself," Hanneman said....
Yoshimura said he does not believe there is a conflict because his work for Trinity has nothing to do with its situation with the city....
April 9, 1997
Isle real estate
is bleeding bargains
Opportunity investors are
snapping up commercial properties
at big discounts
By Rick Daysog, Star-Bulletin
Mainland opportunity investors, attracted by distressed isle properties, are circling Hawaii's real estate market.
As Japanese investors exit their local properties, this new breed of offshore buyers is snapping up Hawaii commercial real estate at a rapid pace -- and at steep discounts.
"There's no shortage of institutional capital coming into Hawaii," said Jack Rodman, director of Pacific Rim Activities for E&Y Kenneth Leventhal Real Estate Group. "(Many) are eyeing Hawaii because it's one of the markets where values have not recovered."
Rodman, whose company conducts an annual study of Japanese investment in the United States, estimated that the total offshore investment in Hawaii in 1996 ranged between $250 million and $500 million.
Most of those deals were made by mainland institutional investors, although a considerable number of the purchases were made by Korean, Taiwanese and even Malaysian investors, Rodman said.
Opportunity investors, sometimes called vulture investors, typically buy depressed real estate and other assets, aiming to profit when their values rebound. Many of these investors shun the "vulture" label, but their strategies here generally follow this bargain-hunters' philosophy.
And these new investors also are bringing in much-needed capital and management savvy to Hawaii's real estate scene.
The list of players investing in Hawaii, or looking to invest here, reads like a who's who of Wall Street. They include Lehman Brothers Inc., Goldman Sachs & Co., Donaldson, Lufkin & Jenrette Inc. and Apollo Advisors L.P., which is headed by former Drexel Burnham Lambert mergers-and-acquisitions executive Leon Black.
Other well-capitalized deal-makers include:
Oaktree Capital Investments L.L.C., which acquired the discounted mortgage to the 35-story Waikiki Landmark luxury condominium complex in 1995.
Dallas-based Patriot American Hospitality Inc., which unsuccessfully bid on the Alana Waikiki Hotel.
"Those guys all have a lot of money and they're very, very aggressive," said local attorney Jon Miho, who represents Apollo and its Chicago-based partner Trinity Investments Trust L.L.C.
One Los Angeles opportunity investor, Colony Capital Inc., has been one of the most active participants in Hawaii's real estate scene. Last June, the company acquired the Colony Surf building in Waikiki through a foreclosure auction for about $10 million. That came after Colony acquired the 539-room Ritz Carlton Mauna Lani resort in 1995 for $75 million, or $100 million less than its original construction cost.
In 1993, Colony Capital headed an investor group that acquired the 1,200-room Hyatt Regency Waikoloa for about $60 million, a fraction of the $360 million cost to build the hotel. The Ritz Carlton since has been renamed the Orchid at Mauna Lani and the Waikoloa is now known as Hilton Waikoloa Village.
Today's transactions represent only about a tenth of the activity of the late 1980s and early 1990s, when Japanese investors bought about $18 billion worth of Hawaii properties, Rodman said. He added that he still sees a net outflow from Hawaii's real estate markets as Japanese investors step up their sales of troubled properties.
But the new buyers may signal an upward move in Hawaii's long-stagnant office and hotel real estate market.
Much of the renewed interest is a simple matter of supply and demand. With real estate prices rebounding on the mainland, institutional buyers are running out of high-quality, mainland properties at discounted prices. So they're turning to Hawaii.
Rodman noted that mainland investors in 1995 were buying financially troubled Hawaii properties for about half the original cost that the Japanese owners had paid to buy or build the properties. Now, the mainland investors are buying them at prices about 60 percent to 65 percent off the original costs, he said. In areas like Denver and Phoenix, once-distressed properties are selling for 70 percent of their original costs, according to Rodman.
Many analysts also believe that Hawaii's real estate prices will recover over the next three years, following the pattern of many mainland markets.
But there are plenty of pitfalls for the new offshore investors. The state's archaic zoning process can be exhausting and Hawaii's high cost of business can add huge costs to an owner of a hotel, office building or condo complex.
Previous generations of mainland investors, like Chicago-based JMB Realty Corp. which acquired Amfac Inc. in 1988, ran into their share of real estate-related obstacles here.
"Mainland investor groups tend to come into this market with a sense of putting a property that has been underutilized to better use," said local economist David Ramsour.
"But they are generally unaware of the market here and are quite surprised when they can not move them like they do in Dallas, Chicago or Houston."...
But Ramsour said the current crop of mainland investors may add value to Hawaii's real estate economy. Many of the buyers are well-funded and can invest additional capital in the properties, creating jobs.
One example is the Yarmouth Group, which bought the Kapalua Bay Hotel & Villas last September for $19 million, or less than a fifth of the $102 million that the previous, Japan-based owner paid for the Maui hotel in 1990. Yarmouth plans to spend about $10 million to renovate the hotel....
An Apollo and Trinity joint venture known as AHI Harbor Limited Partnership offers a case study.
When AHI Harbor purchased the $130 million mortgage to Harbor Court luxury office and condo complex at an undisclosed discounted price last September, the building's office space was virtually vacant until last year due to litigation between Mitsui Trust & Banking Co. and the builder, Harbor Court Developers.
But after AHI Harbor bought the note, it brought in new financing for tenant improvements, paving the way for the signing of big tenants including Kapiolani Health and video-game maker Square U.S.A. The building is now more than 80 percent occupied.
"I think that this is one of the best things that can happen at the bottom of the cycle," Ramsour said.
Big deal? You bet
Here's a look at some of the big deals by institutional investors that have closed in the past year or are pending:
Los Angeles-based time-share operator Signature Resorts, backed by Goldman Sachs & Co., is negotiating with Trinity Investment Trust L.L.C., Apollo Advisors L.P. and local developer Mike McCormack to acquire the 413-room Embassy Suites Resort in Maui. Owner Resort Suites of Maui Inc. filed for Chapter 11 bankruptcy reorganization last May.
Trinity and Apollo's AHI Harbor Limited Partnership in September acquired the $130 million mortgage to the Harbor Court downtown high-rise complex for an undisclosed, discounted price.
Also in September, a partnership led by New York-based the Yarmouth Group, acquired the Kapalua Bay Hotel & Villas for $19 million, or less than a fifth of the $102 million that the previous owner, Japan-based KBH Operations Limited Partnership, paid for the Maui hotel in 1990.
Colony Capital Inc., a Los Angeles real estate company, acquired the Colony Surf Hotel in Waikiki last June through a foreclosure auction for about $10 million. Colony Capital acquired the former Ritz Carlton Mauna Lani for $75 million, or $100 million less than its original construction costs, and headed an investment group that purchased the former Hyatt Regency Waikoloa in 1993 for about $60 million.
Pan Global Partners, headed by Taiwanese investors and one of Colony Capital's partners in the Waikoloa deal, successfully bid $37.5 million for the 313-room Alana Waikiki Hotel in a September foreclosure auction.
http://starbulletin.com/97/04/09/business/story1.html
# # #
MORE UNHOLY VULTURES TO COME
FOR MORE VULTURES OF A FEATHER RIGHT NOW...
GO TO
\/
\/
\/
APCOA: VULTURES IN THE PARKING LOT
BCCI: THE BANK OF CROOKS & CRIMINALS, INTERNATIONAL.
BEHIND THE BLINDS AT AMERICAN SAVINGS BANK
BEHIND THE BLINDS AT FIRST HAWAIIAN BANK