BUSINESS BRIEFS
Kapalua Bay to close in April
Advertiser Staff
The Kapalua Bay hotel, which is scheduled to be replaced with a time-share and condominium complex, will close in April and will lay off about 271 employees, Marriott International Inc. told state labor department officials yesterday.
Maui Land & Pineapple Co. and its partners, Marriott International and Exclusive Resorts LLC, have said the 28-year-old, six-story, 196-room Kapalua Bay hotel on Maui will be replaced by a new, nine-building, 155-unit complex.
Once construction is complete, the developers have said that the time-share and condo complex is expected to create 263 long-term jobs.
WAIKIKI TRADE CENTER SOLD
An affiliate of Beverly Hills, Calif.-based real estate firm 3D Investments has bought the Waikiki Trade Center, one of Waikiki's largest office high-rises.
The company paid about $30 million for the 24-story building at 2255 Kuhio Ave.
The purchase did not include the underlying land, which is owned by Queen Emma Foundation and leased to the building owner for roughly another 40 years.
The seller was a Japanese investor doing business as Waikiki Trade Center Associates, which bought the building last April for $8 million, according to Tom Kenney, an agent with Chaney, Brooks & Co. who helped represent the seller.
Waikiki Trade Center was built in 1980 by Jack Myers and Bruce Stark for $18 million, and sold a year later for $40 million. Another buyer in 1987 paid $45 million for the leasehold property.
L&L TO OFFER 76-CENT LUNCH
L&L Drive-Inn will be offering 76-cent plate lunches for two hours today at the Ke'eaumoku Wal-Mart location to mark the restaurant's 30th anniversary.
L&L said the lunches will be sold from 11 a.m. to 1 p.m. and include regular-sized plates of chicken katsu, hamburger steak and kalua pork with cabbage for 76 cents and a Pepsi for 10 cents.
L&L said it will donate all proceeds from the sale to Goodwill Industries of Hawaii.
L&L got its start when Eddie Flores Jr. bought a small walk-up restaurant for his mother on Liliha Street in 1976.
LAVANET TEAMS WITH IKANO
Honolulu Internet service provider LavaNet said it gained several thousand Internet access accounts via a recent partnership with Salt Lake City, Utah-based Ikano Communications.
LavaNet will supply network services to Ikano's HGEA.net subscribers.
Formed through a relationship with the Hawaii Government Employees Association, HGEA.net relies on access and related services provided by Ikano.
Correction: L&L Drive-Inn’s 76-cent lunch special was offered yesterday at the Ke'eaumoku Wal-Mart location.
