Naniloa resort owner files for bankruptcy
Hilo-based Hawaii Outdoor Tours Inc., parent company of the Naniloa Volcanoes Resort, a hotel and golf course on state leasehold land, has filed for Chapter 11 bankruptcy reorganization.
Hawaii Outdoor and affiliated company Ken Direction Corp., as well as principal Kenneth Fujiyama, were hit with foreclosure proceedings in August by lender First Citizens Bank & Trust of North Carolina.
Hawaii Outdoor has between 50 and 99 creditors who are owed between $10 million and $50 million, including $169,000 owed to utility Hawaii Electric Light Co., according to the voluntary bankruptcy petition filed Tuesday. Hawaii Outdoor’s assets are valued at between $10 million and $50 million.
Fujiyama has retained Wagner Choi & Verbrugge to represent his interests in the case.
The hotel, on picturesque Banyan Drive in Hilo, once was the gem of hotels in the area, known in the 1970s as the Naniloa Surf Hotel, one of a chain of Surf Resorts in the islands.
It is estimated that renovations to the hotel, which has fallen into disrepair, would require an investment of at least $20 million.
Isle technology firm names Kim president
Hanwook Kim has been named president of DataHouse, a Hawaii-based technology and software development company.
Kim succeeds former president Clyde Shiigi at DataHouse, a sister company to local health care information technology company TeamPraxis.
DataHouse will partner with TeamPraxis as it prepares for national expansion.
Kim previously served Hawaiian Airlines as its director of marketing strategy and analytics and was a business product manager at Google, where the Google Chrome browser was among the projects he worked on.
Hyatt plans Residence Club on Maui
An affiliate of Hyatt Hotels Corp. has formed a joint venture with an affiliate of Host Hotels & Resorts to develop and operate a 131-unit Hyatt Residence Club resort on Maui.
The Hyatt affiliate will invest about $40 million in the vacation ownership property on Kaanapali Beach. It is expected to open in 2014 and will be the first Hyatt Residence Club property in Hawaii. It will join 15 other Hyatt Residence Clubs throughout the United States and Puerto Rico.
ON THE MOVE
Olomana Loomis ISC has hired Travis N. Gray as vice president of development. He was previously working in institutional advancement positions at the University of Hawaii Foundation, including as director of annual giving and senior director of centennial campaign operations. Before the UH Foundation, Gray oversaw annual giving and advancement services at St. Michael’s College in Vermont.
Prudential Locations has hired the following new employees:
» Jason Mitsuda has three years of experience in the real estate industry, serving as an agent for iNet Realty.
» Theresia Wolff was previously a Realtor associate with Scully Roger LTD Real Estate Investments for five years.
» Heidi Ellyn was previously working at Mary Worrall Associates and Sotheby’s International Realty.
