Uncertainty over whether hotel operations at the Ilikai will shut down this month continues to linger over the iconic Waikiki high-rise after a court hearing to consider the issue yesterday was postponed.

A lender foreclosing on the troubled property last month said it would stop paying to cover operating losses on Sunday, which could force the closure of the front desk, housekeeping, some parking, engineering services and 203 rooms owned by local developer Brian Anderson.

Such a move would affect roughly 125 workers on the hotel's payroll, and cut off hotel management services for numerous owners of condominium units in the roughly 1,000-unit tower.

The hearing, requested last month by court-appointed receiver Joseph Toy, was rescheduled for Feb. 18 in Circuit Court.

Toy said that even if lender iStar Financial stops advancing money to cover operations on Sunday, there should be enough cash from revenue and prior iStar advances to continue hotel business until sometime around the middle of this month.

"Whether the hotel closes really is an iStar decision," he said. "I really don't have a lot of options to keep the hotel operating without funding."

As receiver, Toy oversees day-to-day management of the hotel by a company formed by Anderson.

A closure would represent a new low for the property that was built in 1964 by businessman Chinn Ho as part residential condominium, part hotel, and attained pop-culture icon status as part of the opening scenes of the long-running TV series "Hawaii Five-0."

In July 2006, Anderson spent $218 million to purchase 343 hotel units in the main Y-shaped tower as well as commercial space and 360 hotel rooms in the connected Yacht Harbor Tower building. Anderson simultaneously sold the Yacht Harbor Tower to an affiliate of San Diego-based eRealty Cos., and concentrated on a plan to renovate the main tower and resell 343 hotel rooms as condo units.

But executing the plan failed after several moves by Anderson — including forcing out longtime businesses, cutting off access to the Ilikai's main pool and restricting parking and storage — angered many longtime condo owners.

Some owners said the ill will and lack of trust led to a rejection of Anderson's $60 million renovation plan. That setback, along with a crash in Hawai'i's condotel market and a downturn in tourism, doomed Anderson's plan after 140 unit sales.

According to court documents, Anderson defaulted on loan interest payments last April. iStar sued to foreclose in August. Loans on the property matured in October, at the end of which Anderson owed iStar about $72.7 million.

In a Jan. 9 letter to Toy filed in court, iStar said the property has operated at a loss of more than $300,000 a month since at least October, and that a financial turnaround can't reasonably be expected in the foreseeable future. According to court filings, occupancy at the Ilikai was in the mid-50 percent range last month.

An auction of Anderson's 203 hotel units and commercial areas could take place within three months, according to Toy, who is handling marketing and sale efforts as court-appointed foreclosure commissioner.