BUSINESS BRIEFS
Waikiki hotel sold for $279M
Advertiser Staff and News Services
CNL Hotels & Resorts Inc. said a partnership in which it has a 49 percent stake has agreed to sell the Waikiki Beach Marriott Resort for about $279 million.
The buyer of the 1,310-room hotel is an affiliate of closely held Whitehall Street Global Real Estate LP 2005, CNL Hotels said today in a statement. Closely held CNL Hotels of Orlando, Florida, expects a gain of about $48 million from the sale. CNL Hotels owns 94 hotels and resorts in North America, including the 780-room Grand Wailea Hotel Resort & Spa in Maui.
CNL acquired the hotel in 2001 from Marriott International Inc. for $130 million.
AIRLINE REQUIRED TO REPORT DATA
The U.S. Department of Transportation will require Hawaiian Airlines to report flight delay and lost baggage data starting in January, although the airline already does so on a voluntary basis.
The DOT imposes the reporting requirement on airlines that account for more than 1 percent of all domestic passenger revenue.
HONOLULU FIRM IN 3-FOR-1 STOCK SPLIT
Honolulu-based Barnwell Industries today declared a three-for-one stock split for shareholders of record as of Oct. 28. The new shares will be distributed Nov. 14.
"In light of the company's strong financial condition and continuing strong financial performance, the Board of Directors has determined that a further split of the company's stock is appropriate at this time," said Morton Kinzler, chairman and CEO.
Barnwell's shares closed today at $62.50, up $2.92 on the American Stock Exchange.
EARNINGS UP 35% AT CITIGROUP INC.
NEW YORK — Citigroup Inc., the nation's largest financial institution, said third-quarter earnings rose 35 percent, including $2.12 billion from the sale of its life-insurance and annuities business.
Citigroup's net income totaled $7.14 billion, or $1.38 per share, in the third quarter, up from $5.3 billion, or $1.02 per share, a year earlier. Excluding the sale of Travelers Life & Annuity to MetLife Inc. and a handful of special charges, Citigroup's income from continuing operations was 97 cents per share in the third quarter, up from 96 cents a year earlier.
