Business briefs

Advertiser Staff

A&B to invest in Hokua tower

Alexander & Baldwin Inc. said it plans to invest $40 million in the $210 million luxury high-rise being developed by two other local companies, The MacNaughton Group and The Kobayashi Group.

The 40-story tower named Hokua is scheduled to start construction later this year at the corner of Queen Street and Ala Moana at the diamondhead end of Victoria Ward Centres in Kaka'ako.

To date, the developers have sales contracts for 227 of the 247 units at prices between $535,000 and $5.5 million. The tower project is expected to be completed in late 2005.

Fed says state tourism still low

In its latest economic outlook, the Federal Reserve San Francisco District said Hawai'i's domestic and international tourism was improving, but the overseas visitor count was below expectations and has still not fully recovered from the Sept. 11 attacks.

The San Francisco District, which covers nine western states including Hawai'i, said travel and tourism industry sources said the Iraq war's adverse effects would more than offset any gain from the weakening dollar. A weak dollar allows visitors such as Japanese tourists to stretch their money further.

Robust sales of low-to-medium priced homes continue in Hawai'i, the Fed said, although the pace of sales and price appreciation has moderated in some areas. High-end home sales have also cooled.