Waikiki vacation property sold

By Andrew Gomes
Advertiser Staff Writer

Celebrity Resorts of Orlando, Fla., announced the purchase of the Leisure Resorts Honolulu property, a three-building complex at 431 Nohonani St., mauka of Kuhio Avenue.

A purchase price was not disclosed. The acquisition includes unsold time-share units, a mortgage portfolio and management contracts for the Waikiki property and five others on the Mainland being sold by Leisure Industries, which filed for Chapter 11 in July.

Celebrity Resorts said it will provide $5 million to the six time-share interval owners associations as part of the deal. The buyer also said no employees will be terminated because of its acquisition, which is expected to close later this month.