HONOLULU (HawaiiNewsNow) - Most of the loss is accountants writing down the value of goodwill. Cash flow is better than it looks. Central Pacific also managed to sell off a fair amount of its higher-risk loans.
A slow week for hotels: 61 percent full nationwide, 68 percent in Orlando, 70 in L.A. Here, 53 percent on the Big Island, Kauai 58, Maui 69, Oahu 72. Rates down four percent.
Honolulu office vacancy has spiked in the past three months to about eleven percent. Sean Tadaki of CB Richard Ellis explains that the trend really began last fall but was temporarily obscured by the feds renting a lot of space for the IRA and the immigration service.
Engineering News Record had put out its annual list of the top five hundred design firms. And two local firms made the list...Belt Collins and Architects Hawaii. Both do a lot of business around the pac rim.
Safeway posts a $96 million quarterly profit, down 50 percent from last year. Same-store sales fell about one percent. Safeway has 19 stores in Hawaii and is one of the state's twenty biggest employers.
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