Posted on: Thursday, June 9, 2005

BUSINESS BRIEFS
A&B expands in Phoenix market

Advertiser Staff

Alexander & Baldwin Inc. has bought a four-year-old Phoenix office building for $22.3 million from Phoenix firm Hannay Investment Properties Inc.

The Deer Valley Financial Center, a two-story building with 126,600 square feet of leasable space, is 96 percent occupied and represents the fourth real-estate investment in the larger Phoenix region for Honolulu-based A&B.

Outrigger plans Australia hotel

Outrigger Hotels & Resorts announced it will open a 26-story hotel in Darwin, Australia, late next year.

The resort, to be branded the Outrigger Pandanas Darwin, will include one- and two-bedroom suites and penthouses, a restaurant, bar, retail space and a day spa.

Outrigger officials said the new Darwin property, to be developed by Gwelo Developments, is key to Outrigger's presence in Australia, where the company has 14 hotels and resorts open or under construction.