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| HONOLULU, HAWAII - September 10, 1998 - Outrigger
Enterprises, Inc., announced today it will purchase the 545-room Royal
Waikoloan Hotel from TAAS Associates. Following the completion of the acquisition
in late September, Outrigger will begin a multi-million dollar renovation
program to reposition the property. The hotel will be renamed the Outrigger
Waikoloa Resort.
"We are very pleased to acquire this well-located property. We are committed to making the Outrigger Waikoloa Resort one of the Big Island's premier hotels and an integral part of the successful Waikoloa Beach Resort," said David Carey, president and chief executive officer of Outrigger Enterprises. "We are especially pleased that the property will be owned by a Hawaii-based company. This reaffirms Outrigger's commitment to the state," Carey added. No changes are anticipated with the hotel employees. "We expect the transition will be seamless, with little disruption to our employees, our guests or our business partners," Carey said. Outrigger Waikoloa Resort is in the oceanfront 500-acre Waikoloa Beach
Resort on the Kohala TAAS Associates is a partnership that includes Transcontinental Corp. of Santa Barbara, California; AtPac, a Fort Worth-based real estate company; and Hawaii's Outrigger Hotels & Resorts. Outrigger Enterprises, Inc., is a diversified real estate investment
company based in Honolulu, Hawaii. It is the parent company of Outrigger
Hotels & Resorts, the largest full-service lodging and |
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Outrigger Hotels & Resorts announces third resort project in French Polynesia / July 1998 |
| Outrigger Hotels & Resorts to Manage Fiji's Historic Grand Pacific Hotel / Aug 1998 |