Business briefs

Advertiser Staff

HVCB ends deal with Disney

Hawai'i Visitors and Convention Bureau Chief Executive Tony Vericella said the bureau is not obligated to pay Walt Disney Studios for the second and third years of a three-year agreement promoting Hawai'i through marketing of the animated film "Lilo & Stitch."

The Hawai'i Tourism Authority, which uses HVCB as its primary marketing contractor, decided last year to not finance the last two years of the contract. Yesterday was the end of the first year of the contract and the target date to conclude talks on the last two years of the contract.

"The way we have informed Disney and are interpreting our contract is that it would just actually end at this particular point in time," Vericella said. However, according to Disney spokeswoman Kim Kerscher, "we're still talking." She had no further details on the talks.

The Disney contract was originally valued at about $3.9 million, including about $2 million in the first year.

A&B paid $20M for high-rise

Alexander & Baldwin Inc. paid $20 million for the downtown Honolulu commercial high-rise 1100 Alakea, according to property records.

A&B, which bought the 32-story tower late last month from developer Toa Kogyo Co. Ltd., previously had not disclosed the purchase price. A&B plans to resell space in the building as fee-simple office condominiums.