- Dubai Struggles to Ease Debt Fears; Investors Rattled
- Fannie Mae to Tighten Lending Standards: Report
- Black Friday to Avoid Red Ink; Greenback Gets the Blues
- Investing in Good Karma – and Making a Profit
- Retailers Should Believe in Christmas Miracles
- Wal-Mart Price Pressure Hurts China Workers: Report
- Bankruptcies Jump, Hitting Highest Level in Four Years
- Steepest Black Friday Discounts, Revealed
- Where Do Pardoned Turkeys Go?
- 4 Thanksgiving Week Buys For Your Portfolio: Market Pros
- There's a 'Great Chance' For a Double-Dip Recession: Strategist
- Revenge of the Gangsta Nerds
- Will TCU See The "Flutie Effect?"
- Retail Earnings and Sales to Improve in Q4: Analyst
- Consumers Catching the Holiday Spirit
- It's Beginning To Look A Lot More Riskless
- Crescenzi: Claims Level Suggests End to Job Losses
- Hedge Funds Take Early Lead in Warren Buffett's 'Big Bet'
- Perry leads Texas GOP fight against climate bill
- Robotic hamsters are holidays' unlikely new craze
- Bookstore chain Borders UK appoints administrators
- Immigration reform activists diversifying ranks
- Tommy Hilfiger's estate in Conn. sells for $20M
- Repsol says it will invest $1.5 billion in Bolivia
- Belgium reluctant to renew GM loan offer
- Business software firm RedPrairie files for IPO
- Reports: Police probe Vatican bank transactions
Text Size 
HONOLULU - The new owner of an iconic Waikiki property that was featured in the opening title shot of the 1970s TV series "Hawaii Five-0" said Tuesday it plans to cease operations of the building's Ilikai hotel in two days.
New York-based iStar Financial Inc. said 203 hotel rooms in the nearly 1,000-unit property will be closed Thursday because of mounting operating losses. Hotel occupancy has fallen steeply around Hawaii because of the global economic slowdown.
Ilikai guests will be moved to other hotels and those with future reservations will be accommodated elsewhere, iStar said.
The company bought the hotel for $51 million at a foreclosure auction in May. In a statement, iStar said it hoped its subsidiary would be able to cut costs enough to allow the hotel operations to continue after it takes possession of the property Friday.
"Unfortunately, alternatives to reduce the operating losses at the hotel have not to date been achieved, thus leading to the decision to close the hotel," the company said.
The closure will put as many as 142 union members out of work, but it won't directly affect operations at the 806 other condominium and timeshare units.
UNITE HERE Local 5, which represents the workers, planned a Wednesday afternoon vigil to urge the company to keep the hotel operating and employees working.
Print
Email
- For nearly three decades, these on-call experts have been dishing advice on how to – and not to – cook turkey.
- Ever wished your cab driver would stop nattering and just get to where you're going? Well that moment is near(er).
- Eric Schmidt pledges to create a virtual copy of the Iraq National Museum at Google’s expense.
- Bill Griffeth is taking a leave of absence from CNBC and Power Lunch for a year. Here's a message from Bill.
- More shoppers than ever plan to comparison-shop this season. Who will benefit?
- It may be the most unusual guide to business you'll read.
Data is a real-time snapshot *Data is delayed at least 15 minutes