Tuesday, January 24, 2006

Albertson's Grocery Stores to Be Sold

According to a story at Business Week online 1,1124 Albertson's grocery stores will be sold to Supervalu Inc. which will become the second largest supermarket operator in the US. The price is to be about $18.5 billion in cash, stock and assumption of debt.

Kahala Mandarin Hotel to be Renamed

According to Hotel Business Kahala Hotel Investors which is owned by Honolulu-based Trinity Investments LLC will be renaming the AAA Five Diamond resort hotel Kahala Mandarin to The Kahala.

This is a great property in one of Oahu's best neighborhoods and is unusual in that it has a large outdoor pond where dolphins live.

It also happens to be where our good friends Ray and Patty Hironaka were married.

I hope the new group keeps this hotel as nice as I remember it.

Wednesday, January 04, 2006

Condo Converters Still Buying

According to an article by Brian Miller of GlobeStreet.com, Jeff Wysong of Seattle-based Wysong Capital Corp has purchased the 84 unit Kirkland Gardens West apartment complex for $14.68 mil, which translates to $175,000 per unit. He plans to covert this property to condos, just like he's doing at the other 4 properties he's purchased in the past 12 months.

It's my feeling that there are fewer and fewer convertable properties available and those that are command huge prices. It's hard for me to believe that an apartment complex with a cap rate of 4.25% is much of a 'deal', but I supposed Jeff knows what he is doing.