Retail plan for Kewalo Basin advances
A Japanese business partnership proposing to develop a retail complex on state land between Ala Moana Beach Park and Kewalo Basin small boat harbor has filed a draft environmental assessment for the prospective project.
Tokyo-based Shindai Co. Ltd. and a partner doing business as Kewalo Waterfront Partners Inc. filed the report with the state Office of Environmental Quality Control.
The partnership is seeking to lease 2.1 acres primarily comprising a parking lot at the harbor from the Hawaii Community Development Authority, a state agency that owns the property and regulates development in Kakaako.
HCDA has agreed to negotiate a lease, though any approval would be subject to its board of directors following two public hearings.
The developer’s conceptual design plan includes four two-story buildings with retail stores, restaurants and a 250-stall parking garage. A wedding chapel has previously been part of the plan but is not mentioned in the environmental report.
Kewalo Waterfront Partners said in the report that the estimated $40 million project could break ground in September if it receives necessary approvals.
Expedia buys Travelocity for $280 million
NEW YORK » Expedia has acquired travel booking site Travelocity from the Sabre Corp. for $280 million in cash.
The deal adds to Expedia’s growing portfolio of websites. The Bellevue, Wash., company already owns nearly a dozen travel sites including Hotels.com, Hotwire and Egencia, the world’s fifth-largest corporate travel management company.
Consumers shouldn’t notice any change because of a deal already in place. Since 2013, Expedia Inc. has been powering Travelocity’s U.S. and Canadian websites and providing Travelocity access to Expedia’s hotel supply and customer service program.
McDonald’s vows changes as earnings fall
NEW YORK » McDonald’s isn’t lovin’ it, and it’s going to do something about it.
The world’s largest hamburger chain reported falling earnings and sales for its fourth quarter Friday and says it is going to take action this year to save money and bring back customers. This includes slowing down new restaurant openings in some markets.
It’s also making changes to its menu and looking to offer customers more options to customize their burgers.
But the fast-food giant said its problems won’t be fixed overnight: It expects sales to remain weak through the first half of this year while it deals with the fallout from a food-safety scandal in China, global economic uncertainty and shifting tastes among diners.
While it works to rev sales back up, it’s cutting major investments. McDonald’s plans just over 1,000 restaurant openings this year, down from 1,300 last year.
Overall, for the period ended Dec. 31, McDonald’s earned $1.1 billion, or $1.13 a share. That compares with $1.4 billion, or $1.40 per share, a year earlier. Revenue fell to $6.57 billion from $7.09 billion.
Sports Illustrated cuts all staff photographers
NEW YORK » Sports Illustrated is laying off all six of its staff photographers as it restructures its photography department. Scott Novak, a spokesman for parent company Time Inc., says that the magazine will be able to expand its contributor base worldwide by relying on freelance photographers. Novak said Friday that the decision to move away from staff photography is not unprecedented at the magazine.
Sports Illustrated was founded in 1954 and has a weekly audience of more than 19 million.
Time, based in New York, also publishes Travel + Leisure, Fortune, People and Southern Living.
U.S. home sales increased in December
WASHINGTON » More Americans purchased homes in December, yet total sales slipped in 2014 as first-time buyers struggled to find houses.
The National Association of Realtors said Friday that sales of existing homes rose 2.4 percent last month to a seasonally adjusted annual rate of 5.04 million. But over the course of the entire year, sales fell 3.1 percent to 4.93 million. Only 29 percent of sales went to first-time buyers last month, compared with a historic average of 40 percent. Prospective buyers were priced out of the market due to rising home values and relatively stagnant incomes.
ON THE MOVE
Central Pacific Bank has appointed and promoted the following employees:
» Emi Kanai to vice president and management reporting manager of management reporting and analysis. She has seven years of finance experience, including as vice president and reporting manager at First Hawaiian Bank.
» Gwen Inouye to vice president and institutional trust services manager. She has more than 20 years of finance and banking experience, including as a financial adviser at Aloha Pacific Federal Credit Union.
Easter Seals Hawaii’s board of directors has named Ron Brandvold as the organization’s chief executive officer. He has nearly 30 years’ affiliation with Easter Seals, including serving 12 years on the board of directors and two years as the board chairman. Brandvold is highlighted as being a founding owner of 26 years of Brandvold Ku Inc., a for-profit independent claims adjusting business.
