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Outrigger's Waikiki Beach Walk "Tops Out"; Biggest Development in
Waikiki's History to Feature Hotels, Restaurants, 
Premier Shops in Hawaiian-Style Setting
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HONOLULU, OAHU, HAWAII - February 21, 2006 - Outrigger Enterprises celebrated a significant milestone on February 16, 2006, in its multi-million dollar Waikiki Beach Walk redevelopment project with the placement of the final support beam in the structure that will make up the project's new entertainment-retail complex and the Embassy Suites Hotel-Waikiki Beach Walk.

The celebration featured a traditional "topping out" ceremony marking the end of the main structural and framing construction of the buildings that make up Waikiki Beach Walk, Outrigger's $460 million redevelopment of nearly 8 acres of land along Lewers Street, Beach Walk, Kalia and Saratoga Roads in Waikiki.

At the ceremony, the final support beam was painted white, signed by more than 250 persons involved with the project, and then hoisted into place. Fittingly, Dr. Richard Kelley, chairman of the board for Outrigger Enterprises, who has seen the project evolve over more than ten years, was the first to sign the beam.

"It is deeply rewarding to see our vision for creating a more dynamic and vibrant Waikiki become a reality," said company president and CEO David Carey.  "We are also proud to report we are on time and on budget with this exciting new development that will make both visitors and local residents want to come back to Waikiki," Carey added.

Phase One of the hotel-retail-entertainment-residential Waikiki Beach Walk project began construction on April 1, 2005. The development's current schedule calls for opening the entertainment-retail center by November 1 of this year.

"We are over 80% leased, with most tenants getting ready to finish building out their spaces over the summer," said Mel Kaneshige, Outrigger's executive vice president of real estate and development. "You can feel the excitement growing as construction progresses," he added.

Construction on the 195-unit Fairfield Hawaii at Waikiki Beach Walk (the former OHANA Reef Towers Hotel) vacation ownership resort also is moving forward at a fast clip, with a projected October opening.  Sales of vacation ownership interests in the Fairfield project have already begun. The two-tower, 421-suite Embassy Suites Hotel - Waikiki Beach Walk is slated to open by December, with the Hula Tower (the former OHANA Waikiki Tower Hotel) welcoming guests first, followed by the Aloha Tower (the former OHANA Waikiki Village Hotel) opening in January of next year. 

Additional future components of Waikiki Beach Walk include the renovation of the Outrigger Reef on the Beach and OHANA Islander Waikiki hotels, as well as the development of a new 350-foot mixed use tower on the site of the former OHANA Royal Islander and OHANA Reef Lanai Hotels, and the Malihini and Hale Pua Nui apartments.  Work on these projects is expected to begin later this year.

About Outrigger Hotels & Resorts
Outrigger Hotels & Resorts is a family-owned and operated company deeply committed to providing authentic island hospitality in premier destinations throughout the Pacific. Each Outrigger property embraces the local culture to create a true sense of place for guests. Outrigger Hotels & Resorts and OHANA Hotels & Resorts are divisions of Outrigger Enterprises, Inc., Hawaii's largest locally owned hospitality company and one of the fastest-growing hotel companies in the Pacific managing over 50 properties with more than 12,000 rooms in Hawaii, Australia, Micronesia, Fiji, Tahiti and New Zealand. 

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Contact:

Nancy Daniels, APR
Public Relations Manager
Outrigger Hotels & Resorts / OHANA Hotels & Resorts
2375 Kuhio Avenue
Honolulu HI 96815-2992
PH 808-921-6839
FX 808-921-6901
EM nancy.daniels@outrigger.com
www.outrigger.com
 www.waikikibeachwalk.com

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Also See: Outrigger Renovating the OHANA Waikiki Village and OHANA Waikiki Tower into the Embassy Suites-Waikiki Beach Walk; Robert H. Yeoman Appointed General Manager / March 2005
Outrigger Enterprises Breaks Ground On Waikiki Beach Walk / April 2005

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