Quantcast
  

Thursday, April 24, 2014         

 Print   Email   Comment | View 49 Comments   Most Popular   Save   Post   Retweet

Kamehameha Schools to sell Royal Hawaiian Center

By Andrew Gomes

POSTED:
LAST UPDATED: 01:44 a.m. HST, Oct 23, 2013


Kamehameha Schools said Tuesday it will seek a buyer for the buildings, but not the land under, Royal Hawaiian Center, Waikiki's largest shopping center.

The trust gave no estimate of the expected sale price, but will reinvest proceeds into its $9 billion endowment.

Kamehameha Schools officials said the decision by its trustees was largely driven by a desire to reduce risk in its portfolio of assets and help ensure perpetual funding of its core mission to educate Native Hawaiian children.







 Print   Email   Comment | View 49 Comments   Most Popular   Save   Post   Retweet

COMMENTS
(49)
You must be subscribed to participate in discussions
By participating in online discussions you acknowledge that you have agreed to the TERMS OF SERVICE. An insightful discussion of ideas and viewpoints is encouraged, but comments must be civil and in good taste, with no personal attacks. Because only subscribers are allowed to comment, we have your personal information and are able to contact you. If your comments are inappropriate, you may receive a warning, and if you persist with such comments you may be banned from posting. To report comments that you believe do not follow our guidelines, email commentfeedback@staradvertiser.com.
Leave a comment

Please login to leave a comment.
allie wrote:
Hope they help more Hawaiians. They could be spending a lot more than they are now.
on October 22,2013 | 11:18AM
808BigE wrote:
...do you ever know what you're talking about?! Straight up tuition to attend Kamehameha is over 20k...easily highest in the state. However, KS provides all students with basically around 18k scholarship per student...You do the math on how much money they're giving away in the form of scholarship..geez...
on October 22,2013 | 11:33AM
hanalei395 wrote:
Tuition, Kamehameha Schools - Kapalama ..........K - 12 .......$2,146 - 2,686. ... (Includes meals, learning material).......... (Boarding 7 - 12 ... $4,998)
on October 22,2013 | 11:58AM
hanalei395 wrote:
P.S. ..... Tuition was for 2006 and may have increased.
on October 22,2013 | 12:30PM
allie wrote:
We all subsidize KS by paying their state, federal and city taxes. We all pay more in taxes because KS is non-profit and does not pay property or income taxes. If they did, they would pay many millions of dollars a year. So, we subsidize them, as we do all non-profits, but in this case we face the racial discrimination practiced by KS. We don't mind subsidizing Queen's Hospital since they serve everyone equally.
on October 22,2013 | 12:44PM
Kaiponohea wrote:
Not true. KS does pay taxes and does not accept federal monies whatsoever so it can maintain its preference policy so it can continue to serve Pauahi's vision and mission to help her people and right the inequities caused by the illegal occupation and overthrow of the Hawaiian Kingdom. Hawaiians still are struggling and perform at below-average levels. But campuses alone aren't helping fast enough which is why KS has changed their strategy within the past 10 years to do and effect more. The money KS directs back into supporting our public education system alone is over $30 million a year, which does benefit everyone. But if you want your 2 cents back that you think you "subsidize" KS, take it! Nobody wants your 2 cents anyway!
on October 22,2013 | 01:52PM
allie wrote:
facts don't bother you I see. Virtually everything you say is wrong and ye, KS admits they are subsidized by the tax payer out here. To the tune of hundreds of millions of dollars a year hon. Check the facts.
on October 22,2013 | 02:33PM
Kaiponohea wrote:
Unlike yourself, I do check the facts. There was a story, not even that long ago about KS paying property tax on a parcel in Kaka‘ako. Nothing I said was wrong. KS spends hundreds of millions a year on EDUCATION. If they needed to spend hundreds of millions on taxes, they'd be subsidizing the entire government. Not even realistic. Get your logic straight, troll!
on October 22,2013 | 03:50PM
PCWarrior wrote:
KS serves 5,300 kids a year at its three campuses. Those are kids that would be in the public school system if KS did not exist. How much do you think the state saves by not adding this many students to its enrollment each year across this state?
on October 22,2013 | 04:28PM
808BigE wrote:
This is all post-scholarship numbers.
on October 22,2013 | 01:15PM
mamacita808 wrote:
hanalei395, that is what the parents pay. The education that is provided far exceeds those amounts that you listed. That is why KSBE considers all students who attend the Schools to be on financial aid and requires them to do in school community service.
on October 22,2013 | 02:14PM
hanalei395 wrote:
Of course, I know that.
on October 22,2013 | 02:33PM
allie wrote:
they do not give out nearly enough as a percentage of their assets hon. You do the math.
on October 22,2013 | 12:34PM
Mythman wrote:
In1941 there were around 12,000 not for profit corporations in the US of A - today there are over seven hundred thousand and they are all in business but do not pay taxes like the rest of businesses pay. Allie is accurate. However, KSBE is a sacred cow that can do no wrong, which is something the school promotes among its alum, making it a very powerful force in politics locally and in DC. Get on the wrong side of KSBE and watch your back.
on October 22,2013 | 01:04PM
Bdpapa wrote:
Maybe, but they do the most for the advancement in education for the Hawaiian people.
on October 22,2013 | 02:10PM
allie wrote:
Yes, we all subsidize them. We subsidize all nonprofits out here but not many discriminate on the basis of race. Not sure how that is even legal anymore.
on October 22,2013 | 02:35PM
mamacita808 wrote:
KSBE is a perpetual trust. They need to manage their assets properly in order to make sure they have money for a very long time. I am sure that those in charge at KBSE know what and how much they can spend and for the max benefit of their beneficiaries.
on October 22,2013 | 02:17PM
allie wrote:
They still overpay their trustees. Most non-profits do not pay their trustees a dime. Compare the percentage of assets paid out by other charitable trusts out here-like Campbell. Compare to KS. Huge difference.
on October 22,2013 | 02:36PM
Mythman wrote:
Campbell is not a Charitable Trust, Allie.
on October 22,2013 | 03:17PM
allie wrote:
Please check your facts. Campbell Foundation is charitable. Look it up.
on October 22,2013 | 03:29PM
mamacita808 wrote:
You are right Mythman. Campbell Estate is not an charitable trust. Hello allie, check your facts, The Campbell Foundation is not even related to the James Campbell Company LLC.
on October 22,2013 | 04:05PM
XlllX wrote:
uh...its suppose to last forever...what the heck kind of native american are you? funny little troll
on October 22,2013 | 06:17PM
PCWarrior wrote:
KS has spent $2.6 billion on educational programs in Hawaii over the last 10 years. What have you done but complain about everything under the sun on these boards? And that money includes spending on kids in the public school system as well, KS has literacy teachers in the DOE and they also provide per pupil funding for DOE Hawaiian-focused charter schools. They also support a number of programs at Nanakuli and Waianae high schools as well as great community programs like the one run by MAO farms on the Waianae Coast. They have three K-12 campuses and 30 preschools and provide millions in financial aid each year.
on October 22,2013 | 11:39AM
allie wrote:
Ummm...not what many Hawaiians tell me. They think that as a percentage of assets they could be spending much, much more. Other charitable trusts pay out much more as a percentage of assets. Why hoard money when many Hawaiians still need help?
on October 22,2013 | 12:37PM
PCWarrior wrote:
I really can't see why any Hawaiian would waste their time talking to you hon. But I'll give it a try. KS has a spending policy which designates a percentage of assets be targeted to be spent on programs each year, ensuring a perpetual trust to serve her people as set up by Princess Bernice Pauahi Bishop, great grand-daughter to Kamehameha the Great. That spending policy was approved by the Probate Court, so blame the court if you don't think KS spends enough. And I can assure you that every charitable trust has a spending policy. I forgive you for your pure ignorance allie.
on October 22,2013 | 12:48PM
Mythman wrote:
Err, "the probate court"? There is one single judge making up the "court" in state law.
on October 22,2013 | 01:06PM
allie wrote:
You are wrong: I just did a research paper on the charitable foundations and trusts here. KS pays less than most as a percentage of assets. Many Hawaiians agree with me that they should and could pay out more and still be a successful perpetual trust.
on October 22,2013 | 02:38PM
PCWarrior wrote:
Well why don't you run for KS trustee so you can lead the Hawaiians into what is best for them since you know so much about Hawaiian history, culture, the land and its people? KS's spending policy was written by former trustee Constance Lau, one of the top financial minds this state has ever produced. Ms. Lau earned her Juris doctor law degree from the University of California's Hastings College of Law, Master's degree in Business Administration from Stanford University's Graduate School of Business, and a Bachelor's degree from Yale College. She is an honors graduate of Punahou School. But allie know all.
on October 22,2013 | 04:19PM
Kaiponohea wrote:
So they can operate in perpetuity. The bigger that big pot can grow, the more you can take out each year. It's the perfect model of sustainability. So few people get or understand that. This move itself is another opportunity to grow that pot so they can spend more again. Trust spending has increased substantially each year following the recession.
on October 22,2013 | 01:55PM
allie wrote:
we all understand that. But they coudl and should pay much more out. Even nainoa said that in a speech
on October 22,2013 | 02:39PM
Bdpapa wrote:
Can't help everyone!
on October 22,2013 | 11:59AM
Sunny wrote:
Royal Hawaiian Shopping Center has been a loser for KS for many years. They tried to make it work but are finally throwing in the towel.
on October 22,2013 | 12:49PM
kuewa wrote:
I agree. It's not a bad space but it lacks a good anchor store and also suffers from the fact that few visitors want to wander around in a relatively dark, enclosed space when they are in Hawai`i. A better design would allow more sunlight into the lower levels. And of course, there is the bigger problem that there is almost nothing local left in Waikiki--- certainly not much reason for most locals to visit and very little to attract tourists other than the beach. The space would probably make more money as a Times or Foodland shopping center, with a Longs, if it had validated parking, although I'm not recommending that this happen.
on October 22,2013 | 01:04PM
Mythman wrote:
It would make a great casino site. Too bad Don Ho is walked on, he would be able to use his connections on both sides to put a casino together there.
on October 22,2013 | 01:07PM
inverse wrote:
No, the best casino site on Oahu is the Hawaii Convention Center. Conventioneers usually are high end like Dentists, Medical supply companies, etc and especially the Asian clientele would welcome a diversion of going to a separate section in the convention center for some recreational gambling after a long day of conferences. There would be a child learning center/ day care so visitors can safely leave their kids next door while they gamble. The State needs to tightly control gambling in Hawaii and allowing an outside entity like KSBE to have some control of gambling in Hawaii is a really bad idea. With a casino in the Convention center the State is the landlord and owner of the building and then they can contract out via bid for a gaming company to run the Hawaii Convention center casino.
on October 22,2013 | 04:30PM
hanalei395 wrote:
That's BS. The Royal Hawaiian Shopping Center just completed a $115 million makeover. And it's ready for sale.
on October 22,2013 | 01:16PM
Sunny wrote:
KS didn't spend $115 M in renovations over several years to sell Royal Hawaiian Shopping Center. Ala Moana Center is the 800 pound retail gorilla of tourist $$; KS realized this and made a decision to cut it's losses.
on October 22,2013 | 02:25PM
hanalei395 wrote:
It was a 5 months $115 M makeover that started on April 8, 2013
on October 22,2013 | 02:43PM
inverse wrote:
Sounds accurate but what fool company would be willing to purchase the Royal Hawaii shopping center but NOT the land it sits on which is not for sale? The company would lose many millions in such an investment given it has been a perpetual money loser for KSBE.
on October 22,2013 | 04:35PM
hanalei395 wrote:
Per inverse: "what fool company would be willing to purchase the Royal Hawaiian Center but not the land it sits on which is not for sale?". ......Kyo-Ya Hotels and Resorts ... (NOT a "fool company") ...leases the land under the Royal Hawaiian Hotel from landowner Kamehameha Schools.
on October 22,2013 | 06:28PM
honupono wrote:
Please get your facts straight.. As a kamehameha Alum, the Princess's core wish for her trust was to educate the children of the kingdom of Hawai'i. Primarily of those that are native Hawaiians then there after of those with Hawaiian blood and then the children of citizens of the kingdom of Hawai'i. For purposes of health care, Queen Emma wanted her trust to go to help the Native Hawaiian people then citizens with Hawaiian blood and then the citizen's of the kingdom of Hawai'i. Queen Liliuokalani wanted to focus on the social needs of, firstly, the Native Hawaiians, then citizens with Hawaiian blood and then Citizens of the Kingdom of Hawai'i. Princess kaiulani strongly believed that education would help Native Hawaiian children in being able to not only function in the western world, but to thrive and then help the Native Hawaiians from within the system. Kamehameha Schools primary mission is to educate as many Native Hawaiians that were citizens of the Kingdom of Hawai'i, then children with Hawaiian blood and then children of citizens of the Kingdom of Hawai'i. Only in recent times has Kamehameha schools branched out as an umbrella service organization. But as before, it will keep in mind the primary function of the trust.
on October 22,2013 | 01:09PM
allie wrote:
Racial discrimination is still wrong hon. It will end here one day and the sooner the better as it poisons the air.
on October 22,2013 | 02:40PM
PCWarrior wrote:
KS spends more than $20 million a year IN THE PUBLIC SCHOOL SYSTEM each year. That benefits children of all races, hon. Try going up to KS one day hon. You will see every race under the rainbow up there. Geez allie, wasn't it Forest Gump's mother who said there's no fixing stupid?
on October 22,2013 | 04:25PM
HawaiiCheeseBall wrote:
This is a good idea; their endowment will get a fresh infusion of capital, and the will eliminate the risks associated with owning commercial space. Its a really landmark piece of real estate in a premier resort destination. Wish KS/BE well with the sale.
on October 22,2013 | 02:39PM
Mythman wrote:
Actually, only a casino will work in that space, with free parking in the union owned parking garages all over kiki using valet parking.
on October 22,2013 | 03:19PM
allie wrote:
agree..it could mean more cash to payout. The more the better as there are many needs here
on October 22,2013 | 03:30PM
Mythman wrote:
Here's a fact check: we are over reliant on our ali'i trusts - the population is over taking the capacity of the old way of taking care of the population. We are going the way of any economy that is insular - it can never self sustain as the pressures grow along with expenses and increased demand for services. Taxes are at the limit. Only through giving up being self reliant can we survive. The Cali expats have moved here and are determined to keep Hawaii the way they want it to be, for themselves. It's a dangerous moment and the native Hawaiians are caught in the crossfire - KSBE has dropped the ball when it comes to the blood natives and that is a fact. They have done a great job for the descendants, however. But they are bound by the will, not by practical reality.
on October 22,2013 | 04:34PM
atilter wrote:
ppl -- please this "discussion" with "allie" is an illusion and of no consequence ! this "person" who purports/professes to be knowledgeable in all things hawaiian, a refugee from a "dream" reservation (where there is no problem) has to come here to "get educated", who peripherally expounds on many topics (claiming research based), is the epitome, the consummate example of an alien non-entity. pursuing any type of thought provoking discourse with this enigma called "allie" is fruitless, inane and non-substantive.
on October 22,2013 | 05:00PM
yhls wrote:
Allie, you're the one who doesn't know what you're talking about. You suffer from diarrhea of the mouth.
on October 22,2013 | 06:23PM
IN OTHER NEWS
Breaking News
Blogs
Political Radar
Wait

Political Radar
Second request

Political Radar
Tipped

Warrior Beat
One last fling

Political Radar
Phased in

Political Radar
Palolo v. Pauoa