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Outrigger's $460 million Waikiki Beach Walk Project Adds
Joint Venture with Developer Richard Gushman for
Restaurants and Shops within Development Area

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Construction to begin in 2005

HONOLULU, OAHU - May 7, 2004 - Outrigger Enterprises, Inc., today announced a joint venture with Hawaii-based developer Richard Gushman to build and lease the entertainment-retail portion of its $460 million Waikiki Beach Walk project.

Gushman, who co-developed the successful Waikele Shopping Center on Oahu, will be Outrigger's partner in the joint venture. Construction is scheduled to begin during the first phase of the project in the second quarter of 2005 and be completed in mid-2007. 

"We are delighted that Dick Gushman will be our partner in the Waikiki Beach Walk project," said Outrigger CEO David Carey. "His knowledge of Hawaii's retail market and experience as a developer will help us take the next step toward revitalizing Waikiki. "

"This is a fantastic opportunity for several reasons," explained Gushman.  "Outrigger is a strong family-owned company and a world-class partner, and together we're going to reinvigorate the heart of Waikiki."

Outrigger's Waikiki Beach Walk project, unveiled in 2001, envisions a combination of shops, restaurants, entertainment venues, vacation ownership and hotel accommodations located on 7.7 acres along Lewers Street, Beach Walk, Kalia Road and Saratoga Road.

Gushman will be in charge of developing roughly 100,000 square feet of retail/entertainment space. Barbara Campbell, Outrigger's vice president of retail development and leasing, will serve as the joint-venture's leasing director, and Kaulana Corporation has signed on as the project's broker.  Campbell currently oversees Outrigger's nearly 300,000 square feet of retail space located in its Waikiki properties. 

"We have already begun seeking out the best tenants for this project," said Gushman. "We are anxious to bring the area alive with restaurants and shops that will appeal to residents and visitors alike."

Cost for the first phase is estimated at $235 million and includes removing three obsolescent hotels to make way for the new retail-entertainment development. It also includes conversion of the 480-room OHANA Reef Towers into a 193-unit time-share property owned by Fairfield Resorts, Outrigger's timeshare partner. 

The second phase of the Waikiki Beach Walk consists of renovating two existing hotels (OHANA Waikiki Village and OHANA Waikiki Tower), and replacing three existing hotels with a 350-foot tower consisting of a combination of hotel, timeshare and vacation residential units. Construction on phase two is expected to begin in 2007 and cost approximately $225 million. 

Richard Gushman has owned and developed projects throughout Hawaii, the US mainland and Guam over the past 30 years. He is currently a trustee of the Estate of James Campbell, a $2 billion diversified real estate company headquartered in Honolulu with investment real estate all over the United States, as well as significant holdings in Hawaii. He is also a director of Time-Warner Oceanic Cablevision, Servco Pacific, Inc., American Savings Bank and Outrigger Enterprises. He is a trustee of Hawaii Pacific University, current chair of the Fort Street Business Improvement District Association, and a member of the Department of Hawaiian Home Lands Advisory Board. He recently won the Kukulu Hale Lifetime Achievement Holo Pono Award from the National Association of Industrial and Office Properties.

Outrigger Enterprises, Inc., is the parent company of Outrigger Hotels & Resorts and OHANA Hotels & Resorts, the largest lodging company in Hawaii and one of the fastest-growing lodging companies in the Pacific. Under various management contracts and its two hotel brands, the company currently operates or has under development 51 hotels and resorts throughout the Pacific region, representing more than 12,000 hotel rooms and condominium units in Hawaii, Australia, Micronesia, Fiji and New Zealand. Through a franchise agreement with Marriott International, Outrigger Enterprises owns and operates the Waikoloa Beach Marriott and the Wailea Marriott Resort under the Marriott brand. Through a strategic alliance with Fairfield Resorts, the world's largest time-share company, Outrigger Enterprises manages three vacation ownership properties on Hawaii's Big Island.  Outrigger's affiliate, Outrigger Lodging Services, operates 13 hotels and resorts throughout the U.S. mainland under a variety of brands.


 
 
Contact:
Jim Austin, Director of Public Relations
Outrigger Hotels & Resorts / OHANA Hotels & Resorts
2375 Kuhio Avenue
Honolulu, HI 96815-2992
(808) 921-6941
public.relations@outrigger.com
www.outrigger.com 
Also See: Outrigger Undertaking a $300 million Multi-year Redevelopment to Transform the Waikiki Lewers-Kalia Area with New Retail and Hotel Projects / July 2001


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