Local Industry News & Notes for Sunday, October 18, 2009 Oct 19, 2009
The stability of the Kaua i Beach Resort was made possible in July when the commercial real estate finance company iStar Financial acquired the commercial and many hotel units at the Resort through foreclosure and appointed the highly regarded Aqua Hotels & Resorts to manage the property under the direction of iStar s local company, SFI Kaua i Owner LLC. The Resort had previously been affiliated with the Hilton chain. Give a small business owner something to smile about today. (Lihue Garden Island, HA)
Islands of distress: hotels and resorts go bankrupt in Hawaii Oct 14, 2009
Local owner Anekona Real Estate Development has lost four hotels to lenders in the past year, including the 203-room Ilikai hotel made famous in the opening scenes of the 1970s television show, "Hawaii Five-0." IStar Financial Inc., which held the Ilikai's $60 million mortgage, foreclosed on the hotel last July. Anekona representatives couldn't be reachedfor comment. (Harper's Magazine)
Ross to Charter Bank, Pursues Corus Assets: Report Sep 11, 2009
The paper added that other investors eyeing Corus's assets include Crescent Heights, Lone Star Funds, Colony Capital LLC and iStar Financial Inc, and Starwood Capital Group. Bids on Corus assets, originally due on Tuesday, have been pushed back by at least two weeks, the paper said citing people familiar with the matter. (ABC News -- Business)
WCI Communities Comes out of Chapter 11 Sep 4, 2009
Also on the board is Michelle M. Mackay, executive vice president of iStar Financial Inc., John R. Peshkin, managing principal of private real estate investment group Vanguard Land LLC, Stephen D. Plavin, chief operating officer of commercial mortgage real estate investment trust Capital Trust, and Mark Porath, co-founder and president of development and construction financier Hearthstone. Copyright 2009 The Associated Press. (ABC News -- Wire)
Developer owes money to Hawaii hotels high bidder Aug 26, 2009
Anderson also lost the to iStar Financial through foreclosure a couple of weeks later. Unity House did not receive title to the Ilikai units, and in June, the Andersons were named in the lawsuit, replacing the unnamed John Does. (Pacific Business News, HI)
In brief: HSBC | Panasonic building | World's Finest Jul 28, 2009
A subsidiary of real estate finance firm iStar Financial Inc. has filed a foreclosure lawsuit against a venture controlled by Los Angeles developer Jay Wilton that redeveloped seven Illinois Tollway rest stops, according to Cook County Circuit Court records. The complaint, filed April 8, has been expected since late last year, when Wilton Partners Tollway LLC defaulted on its loan issued in 2004 in the original amount of $87 million. (Crain's Chicago Business)
Ilikai Hotel open again Jul 26, 2009
Owner iStar Financial closed the 203-unit hotel July 9, but company subsidiary SFI Ilikai Property Owner decided to reopen the hotel after reaching agreement with the hotel workers' union. iStar had taken ownership of the hotel portion from developer Brian Anderson's Anekona Development through a foreclosure suit filed in August 2008 after Anekona defaulted on the loan. (Honolulu Advertiser)
Aqua Hotels to run Hilton Kauai resort Jul 26, 2009
A subsidiary of Ilikai Hotel owner iStar Financial SFI Kauai Operator LLC has selected Aqua to manage the Hilton Kauai Beach Resort ... "It's exciting to be selected by iStar Financial to manage the Hilton Kauai Beach Resort," said Ben Rafter, Aqua's president and chief executive officer ... "We're delighted to be working with Aqua Hotels as we share their vision and commitment to Hawai'i's island culture," said Andrew G. Backman, iStar Financial's senior vice president of investor relations... (Honolulu Advertiser)
Aqua to manage Kauai Hilton Jul 25, 2009
iStar Financial owns the , which Aqua also began managing Friday, and is the largest owner of the Hilton Kauai. The 350-room Hilton Kauai Beach Resort is located in just north of Lihue. (Pacific Business News, HI)
Iconic Ilikai Hotel in Hawaii to reopen Friday Jul 23, 2009
The 203-room hotel closed July 9 as New York-based iStar Financial Inc. acquired the property bought for $51 million at a foreclosure auction ... iStar Financial says about 50 of the 75 workers are being rehired. (MSNBC -- Travel)
Waikikis Ilikai Hotel to reopen July 24 Jul 22, 2009
But iStar Financial s subsidiary, SFI Ilikai Property Owner, decided to reopen the Ilikai after reaching agreement with UNITE HERE Local 5 that provides for the rehiring of 50 unionized employees. Another 25 workers represented by Local 5 will not be rehired at this time. (Pacific Business News, HI)
Ilikai Hotel reopening on Friday Jul 22, 2009
The iconic Ilikai Hotel will reopen on Friday with new managers, according to an announcement this afternoon by hotel owner iStar Financial. The 203-unit hotel was closed by its former operator on July 9, but iStar Financial's subsidiary SFI Ilikai Property Owner decided to reopen the hotel after reaching agreement with the hotel workers union ... "iStar Financial would like to thank the union and its members for their commitment to find ways to help us provide the continued employment... (Honolulu Advertiser)
Ilikai workers ratify pact Jul 17, 2009
The owner, iStar Financial LLC, closed the Ilikai's 203 hotel units for what it thought would be an indefinite period, citing operating losses of hundreds of thousands of dollars a month. The iStar officials weren't immediately available yesterday for comment on when the hotel might reopen. (Honolulu Advertiser)
Private-equity firm bidding on Corus assets: report Jul 15, 2009
Barry Sternlicht, who controls Starwood Capital, has previously formed companies such as Starwood Hotels ts Worldwide Inc. and property finance company iStar Financial Inc.. What do you think. (Crain's Chicago Business)
Most Ilikai workers keeping jobs Jul 12, 2009
The Ilikai owner, iStar Financial LLC, shut down the 203 hotel units of the renowned Ala Moana property at midnight Thursday as scheduled ... "We are pleased that this new agreement will allow all of us to move forward," said Andrew Backman, iStar Financial's senior vice president of investor relations and marketing. (Honolulu Advertiser)
Ilikai hotel to reopen after labor deal reached Jul 11, 2009
Under the new contract between owner New York-based iStar Financial Inc., and Unite Here Local 5, the workers' wages, benefits and job security provisions will remain intact and iStar will offer employment to Ilikai workers based on seniority, the union said in a statement ... Under the new contract between owner New York-based iStar Financial Inc., and Unite Here Local 5, the workers' wages, benefits and job security provisions will remain intact and iStar will offer employment to Ilikai... (Honolulu Star-Bulletin)
Ilikai closes but will reopen with new union deal Jul 11, 2009
Employees were downcast on their last day at work on Thursday, when hotel operations creased on order from New York-based iStar Financial Inc. The company acquired the facility for $51 million at a foreclosure auction in May. But on Friday, the labor union representing hotel workers, UNITE HERE Local 5, and iStar announced a new labor agreement. (WCAX.com, VT)
Ilikai Hotel to reopen 'soon' Jul 11, 2009
This agreement is subject to a ratification vote by members of the union and, once it is ratified, the Ilikai Hotel will reopen "as soon as practically possible under a new management team and operational structure," said owner iStar Financial. We are pleased that this new agreement will allow all of us to move forward, said Andrew G. Backman, iStar Financial s senior vice president of investor relations and marketing. (Pacific Business News, HI)
Iconic Waikiki Hotel Closes Jul 10, 2009
New York-based iStar Financial Inc., which acquired the hotel for $51 million at a foreclosure auction in May, hasn't indicated what it will do with the 203 hotel rooms in the 1,000-unit hotel-condo-timeshare property. It announced the closure Tuesday. (ABC News -- Wire)
Ilikai employees fear for future Jul 10, 2009
iStar Financial plans to close the hotel after it takes possession of the property tonight at midnight ... iStar Financial said it explored all the options to avoid closing the hotel but could not reduce operating losses from the 203-unit property, which have totaled several hundred thousand dollars per month ... " More than 100 employees and supporters of the Ilikai Hotel gathered along Ala Moana Boulevard yesterday, hoping to send a message to the New York-based owner who is closing the hotel.... (Honolulu Star-Bulletin)
Hotel shown in Hawaii Five-O shutting down Jul 9, 2009
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. (MSNBC -- Travel)
Ilikai shutting down as Waikiki hotel Jul 9, 2009
New York-based iStar Financial confirmed that the 203-unit hotel portion of the property will be closed for an indefinite period due to operating losses of several hundred thousands of dollars a month. The closure will not directly affect the remaining 806 condominium and time-share units and the property's common areas, which include the hotel's pool. (Honolulu Advertiser)
Ilikai hotel to close Jul 8, 2009
iStar Financial Inc., the New York-based parent of a company that bought the hotel for $51 million at a foreclosure auction in May, revealed its intention to close the hotel operation today, as UNITEHERE ... iStar Financial Inc., the New York-based parent of a company that bought the hotel for $51 million at a foreclosure auction in May, revealed its intention to close the hotel operation today, as UNITEHERE. (Honolulu Star-Bulletin)
Developer files for 2nd bankruptcy Jul 1, 2009
In addition, there's been at least five foreclosure actions filed against Anderson, including one on 203 condominium and commercial units at the Ilikai hotel that went to auction in May to secure $73 million owed lender iStar Financial. Anderson didn't immediately return a telephone message left at his office yesterday, while his bankruptcy attorney William H. Gilardy Jr., declined comment. (Honolulu Advertiser)
The following is an investment opinion release issued by Pennystockchaser.com Jun 22, 2009
Also News Release (U-SFI) iStar Financial Inc ... US:SFI, iStar Financial Inc up 29% trading at $2. (PR Newswire)
Boutique hotel in Ch. 11 bankruptcy May 30, 2009
Last week, Anderson lost 203 condominium units and commercial space at the Ilikai hotel in Waikiki at a foreclosure auction to lender iStar Financial after no one bid anything close to the roughly $73 million he owed on the property. On the Lotus, First Hawaiian Bank filed a foreclosure lawsuit in October, claiming Anderson failed to pay back a $5 million loan that matured that month. (Honolulu Advertiser)
Lender acquires Ilikai condominum units, retail space May 22, 2009
Lender iStar Financial at a preliminary foreclosure auction last month bid $35 million for 203 condominium units in the iconic Waikiki hotel and $15 million for 16 commercial units that include the front desk, restaurant space, retail space, office space, parking and some small meeting rooms. A local businessman made one bid on the commercial space for $15. (Honolulu Advertiser)
SALE OF DRAKE LOAN WILL STAY IN A HOLE May 7, 2009
The giant hole where the Drake Hotel stood will remain a vacant lot for the foreseeable future after iStar Financial, the senior noteholder on the Macklowe Properties-owned site, stopped marketing the loan. According to people familiar with the matter, iStar let the agreement to market the note with Cushman & Wakefield expire. (New York Post -- Business)
Industrial vacancies surge May 3, 2009
One project, the roughly 210,000-square-foot second phase of Kapolei Spectrum business park delivered to the market in late 2007, is mostly empty and for sale after lender iStar Financial foreclosed on the developer Low Archibald Real Estate Group of California. Colliers also said a planned industrial lot complex slated for the former Hawaii Raceway Park in Kapolei was also foreclosed upon by iStar. (Honolulu Advertiser)
Lender bids for Ilikai units Apr 17, 2009
That was the price floor established yesterday by lender iStar Financial, which is foreclosing on local developer Brian Anderson after he failed to renovate the Ilikai and resell units he bought in the iconic Waikiki building almost three years ago. IStar was the only bidder at a preliminary auction of the property held yesterday outside First Circuit Court by commissioner George Van Buren. (Honolulu Advertiser)
New York lender wins Ilikai condo auction Apr 16, 2009
The foreclosure complaint filed by iStar Financial in August 2008 said that Anderson and his company, Anekona Islander LLC, owed nearly $51 million in principal, unpaid interest, late charges and fees on the residential mortgage for the 30-story building, and that Anderson and his company, Anekona Retail LLC, owed more than $23. 9 million in principal, unpaid interest, late charges and fees on the retail mortgage for the property. (Pacific Business News, HI)
iStar Financial Sets First Quarter 2009 Earnings Release Date and Webcast Apr 15, 2009
NEW YORK, April 14 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: ), a leading publicly traded finance company focused on the commercial real estate industry, today announced that it will release its full financial results for the first quarter of 2009 on Thursday, April 30, 2009, prior to the opening of the market. The Company will host an earnings conference call reviewing these results and its operations beginning at 10:00 a.m. ET. This conference call will be broadcast live over the... (PR Newswire)
Pease director sees potential in prominent property Apr 15, 2009
While Celestica is long gone, it is still under contract as the lease holder to iStar Financial until 2015. The Pease Development Authority had approved the sale of the building by iStar to Equity Industrial Partners, but that deal recently fell through. (Seacoast New Hampshire)
iStar Financial Announces Private Exchange Offers and Cash Tender Offer for Outstanding Debt Securities Apr 10, 2009
NEW YORK, April 9 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: ) announced today that it has commenced private offers to exchange a portion of the Company's existing senior unsecured notes for up to $1 ... SOURCE iStar Financial Inc.. (PR Newswire)
Waikiki Ilikai units to be sold at auction Mar 21, 2009
A New York lender, iStar Financial, foreclosed on the Waikiki property last year, claiming Anderson and two of his companies were in default for almost $75. 6 million for the residential and retail units they own at the 30-story building. (Pacific Business News, HI)
Local Muvico plans on track The theater, bowling alley, restaurant and electronic gaming complex will open early next year, company official says. Mar 20, 2009
-based company had owed $55 million to iStar Financial, a New York real estate investment trust, and was facing foreclosure. "The debt came due to iStar in January, and with the credit market the way it was we couldn't refinance," Whalen said. (Fredericksburg.com, VA)
iStar Financial Completes New $1 Billion Secured Term Loan and Restructuring of Existing Unsecured Revolving Credit Facilities Mar 17, 2009
NEW YORK, March 16 /PRNewswire-FirstCall/ -- iStar Financial Inc. (NYSE: ), a leading publicly traded finance company focused on the commercial real estate industry, announced today that it has completed its previously announced new secured term loan facility and restructuring of its existing unsecured revolving credit facilities ... iStar Financial Inc. is a leading publicly traded finance company focused on the commercial real estate industry ... Additional information on iStar Financial is... (PR Newswire)
Longwood Towers owner will auction 40 luxury units Mar 10, 2009
Andrew G. Backman, senior vice president of investor relations and marketing at iStar Financial, said the company hopes the auction proves attractive to prospective buyers ... IStar Financial, which held the mortgage to Radco, acquired the property at auction last year through a subsidiary, after Radco and its partner could not afford to complete renovations. (Boston Globe)
Scottsdale complex sold at lower price Mar 7, 2009
The lender took the property over, Anderson said, and it was acquired by the 10255 East Via Linda LLC, affiliated with New York-based iStar Financial Inc.. "It's a great buy," Anderson said of La Privada. (AZCentral -- Business)
Status of theater planned for Spotsy Towne Center is in doubt Mar 7, 2009
Neither was a call to creditor iStar Financial. iStar filed a lawsuit against Muvico with the New York Supreme Court on Feb. 12, saying the theater chain's holding company had failed to make loan payments since October, had failed to make lease payments for at least five of its 13 theaters and "has failed to complete certain construction requirements with respect to a pending theater site.". (Fredericksburg.com, VA)
Possible closure at Ilikai hotel averted Feb 25, 2009
Lender iStar Financial filed a motion in court last week to replace Toy with Van Buren, after iStar and Toy clashed over whether iStar would continue funding losses of Anderson's Ilikai operations. The problem involved a Jan. 9 letter iStar sent to Toy saying the hotel has operated at a loss of more than $300,000 a month since at least October, and that iStar would stop covering operating losses as of Feb. 8. (Honolulu Advertiser)
Foreclosure suit hits Mandarin Oriental developer Feb 19, 2009
An affiliate of iStar Financial Inc. alleges that the projects developer, a group that includes former construction executive Gerard Kenny, failed to pay back a loan on the development site when it came due on Oct. 15. The development group owes iStar $44 million in principal, unpaid interest and fees, according to the lawsuit, which was filed Feb. 3 in Cook County Circuit Court. (Crain's Chicago Business)
