BUSINESS BRIEFS
Grace Pacific buys Kaua'i firm

Advertiser staff and news services

Grace Pacific Corp. said yesterday that it has finalized its acquisition of Niu Construction Inc. on Kaua'i.

Terms were not disclosed for the purchase of the company, which becomes a wholly owned subsidiary of Grace Pacific.

The change in ownership was effective Oct. 1; the company will continue to operate under the same name, and all of the company's employees — about 20 — will be retained.

Norman Shinno, who oversees Grace Pacific's Maui operation, also will serve as the island manager for Niu Construction on Kaua'i.

ResortQuest chairman quits

ResortQuest International, parent company of Aston Hotels & Resorts, announced yesterday that its chairman and chief executive, David Levine, has left the company "to pursue other opportunities."

ResortQuest said that effective immediately company director Joseph Vittoria has been named chairman, and current President and Chief Operating Officer Jim Olin has been appointed chief executive officer. Chief Financial Officer Mitch Collins has been promoted to executive vice president.

The company also said yesterday that because of a softer-than-expected travel market, it is lowering its guidance for third-quarter financial results. ResortQuest said it now expects third-quarter earnings per share in the range of 29 cents to 30 cents. First Call analysts had estimated earnings of 36 cents a share for the company's third quarter.