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Majority of Beachcomber Employees to be Offered Jobs with Outrigger |
| HONOLULU, HAWAII - August 12, 2005 - Outrigger Enterprises, Inc. announced
today it has signed an agreement to acquire the Waikiki Beachcomber Hotel
from an affiliate of Tokyo-based Mitsui Leasing & Development, Ltd.
The sale is expected to close in mid-October 2005. The purchase price was
not disclosed.
�Not only is the Waikiki Beachcomber a great fit for our company, but it also allows us to replace some of the hotel rooms we have lost due to the development of our new Waikiki Beach Walk project,� Carey said. �This transaction underscores Outrigger�s deep commitment to Waikiki and to our continuing efforts to make this a world-class visitor destination that all of Hawaii can be proud of,� he added. After the transaction closes, the hotel will be operated under Outrigger�s OHANA brand as the �OHANA Waikiki Beachcomber Hotel.� The hotel will join 12 other hotels currently operated by Outrigger under the OHANA brand in Hawaii and Guam. Outrigger anticipates offering positions to nearly all of the existing
Waikiki Beachcomber employees. �We will do our best to offer a job to
Outrigger plans a major renovation of the OHANA Waikiki Beachcomber beginning sometime in 2007. �Our renovation plans call for making the OHANA Waikiki Beachcomber the premier choice for visitors looking for a great, near-the-beach hotel,� said Mel Kaneshige, Chief Operating Officer of the real estate division of Outrigger Enterprises. �The Waikiki Beachcomber has always outperformed our competitors and we are very proud of our highly professional and dedicated staff,� said Naoto Matsumura, President of Kahaone Investment Corporation, the current owner of the hotel. �Our excellent operating performance over the years was recognized by Outrigger and they made us a good offer. We believe that Outrigger will be able to capitalize even further on the strong potential of the Beachcomber.� Outrigger�s Waikiki Beach Walk project - the $460 million, 7.9-acre hotel-timeshare-retail-entertainment redevelopment that will transform the dated Lewers-Kalia-Beach Walk area of Waikiki into a showcase and gathering place for visitors and local residents alike - will ultimately eliminate over 1,600 hotel rooms in Waikiki. �Acquiring the Waikiki Beachcomber adds back into Outrigger�s inventory 500 of the guest rooms lost as a result of Waikiki Beach Walk, which in turn allows us to continue to provide a large and varied range of rooms for our guests,� Kaneshige said. �You can feel the excitement building in Waikiki as our Waikiki Beach Walk project and others like it begin to take shape. Waikiki is in the midst of a renaissance that will see over $1.5 billion invested in the destination, all of which will enable us to remain as one of the premier travel destinations in the world,� said Carey. �We want to make sure once people hear Waikiki is again the �hot� place to visit, they will have a choice of great places to stay when they get here,� he added. About Outrigger Enterprises, Inc. Outrigger Enterprises, Inc. is one of the largest and fastest-growing
privately held lodging and hospitality companies in the Pacific. Founded
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| Contact:
Nancy Daniels, APR
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�We
are proud to include this fine property as part of our family of quality
Outrigger and OHANA hotels in Waikiki,� said David Carey, President and
Chief Executive Officer of Outrigger Enterprises. �The Waikiki Beachcomber
offers one of the best locations in Waikiki - just a block away from world-famous
Waikiki Beach - and a 35-year legacy of excellent service.