The Wall Street Journal reported Friday that Larry Ellison paid $300 million for Lanai. Ellison, listed by Forbes as the third-richest person in the U.S., bought 97 percent of Lanai last year from David H. Murdock, owner of Castle & Cooke.
Ellison has never made public the price he paid for Lanai. When he bought the island, he did it through a company he controls. Since it was technically that company purchasing assets of another company, Ellison did not have to disclose the purchase price. In a filing with the state last year, Ellison said he bought the island for hundreds of millions, though the exact amount was not listed.
The Wall Street Journal article published Friday was written by Julian Guthrie, a San Francisco journalist who recently published a book about Ellison called “The Billionaire and the Mechanic: How Larry Ellison and a Car Mechanic Teamed Up to Win Sailing’s Greatest Race, the America’s Cup.” In the Journal article she wrote that she interviewed Ellison after a recent visit to Lanai.
The article also said Ellison, who bought Island Air earlier this year, “is closing a deal to buy another airline.”
Hyatt names 2 new general managers
Hyatt Hotels Corporation is making leadership changes at a couple of key Hawaii properties.
David Nadelman, general manager at the Grand Hyatt San Francisco and board chair of San Francisco Travel, will be taking over as general manager of the Hyatt Regency Waikiki Resort and Spa, the San Francisco Business Times reported. Nadelman is expected to start in July.
The newspaper also reported that Michael Jokovich, who currently serves as general manager of the Hyatt Regency Maui Resort and Spa in Lahaina, is heading to San Francisco to replace Nadelman.
Hyatt could not immediatly be reached for comment on the changes.
GMO issue will get airing on cable TV
The debate over genetically modified organisms in Hawaii agriculture and in stores will take center stage statewide next week via ‘Olelo Community Media.
The four nights of programming, from 6:30 to 7:30 p.m. Monday through June 27, will seek to represent all aspects of the issue by featuring proponents and opponents, government officials and other interested parties.
It will be televised on Oahu via ‘Olelo Channel 55 and on the neighbor islands on Channel 54, through local community access providers Akaku on Maui, Na Leo ‘o Hawaii on Hawaii island and Ho‘ike on Kauai.
Consumer prices rose 0.1 percent in May
WASHINGTON » U.S. consumer prices rose slightly last month as higher energy costs partly offset cheaper food. The small increase is further evidence that consumers are benefiting from mild inflation.
The consumer price index ticked up a seasonally adjusted 0.1 percent in May from April, the Labor Department said Tuesday. Over the past 12 months, prices have risen just 1.4 percent.
Excluding volatile food and gas costs, core prices rose 0.2 percent in May from April. Core prices are up just 1.7 percent over the past 12 months, in line with the Federal Reserve’s inflation target of 2 percent.
Home construction up 6.8 percent
WASHINGTON » U.S. builders stepped up home construction in May and applied for permits to build single-family homes at the fastest pace in five years. The gains show housing remains a key source of growth for the economy.
The overall pace of homes started rose 6.8 percent last month to a seasonally adjusted annual rate of 914,000, the Commerce Department said Tuesday. That offset part of the 14.8 percent decline in April. May’s rate is still below March’s pace of more than 1 million — the fastest in five years.
Construction increased in May for both single-family homes and apartments and condos.
On the Move
Kanu Hawaii has named Olin Lagon executive director of its board of directors. He replaces James Koshiba, who will continue as an adviser. Also elected to the board are Breanna Rose, assistant coordinator for Hawai‘i Green Growth, and Koa Chang, president of Ali’i Kula Lavender Farm.
ASAE: The Center for Association Leadership has selected the 2013-2015 class for its Diversity Executive Leadership Program: Beau Ballinger, AARP Foundation; Adrienne Bryant, Association of Florida Colleges; JJ Colburn, Texas Association for the Gifted and Talented; Paul K. Farrell, American Speech-Language-Hearing Association; Shane H. Feldman, Registry of Interpreters for the Deaf/National Association of the Deaf; Audra F. Franks, American Dental Education Association; Tracy King, American Academy of Neurology; Maunda Land, The Institute of Internal Auditors; Gladys Quinto Marrone, Building Industry Association of Hawaii; Michelle Mills, Association Forum of Chicagoland; Nathan Victoria, NASPA-Student Affairs Administration in Higher Education; and Irving Washington III, Online News Association.
