BUSINESS BRIEFS
Hotel to undergo $7 million renovation
Advertiser Staff and News Services
Aqua Hotels & Resorts will manage the Coral Reef Hotel, which will undergo a $7 million renovation this spring.
The 247-room property, owned by Andre S. Tatibouet, will be renamed the Aqua Coral Reef and will be included in Aqua's collection of Aqua Boutique Hotels, which include a spa, fitness center and continental breakfast. The property will stay open during the renovation.
DEVELOPER SELLS LOT FOR $2.5 MILLION
Barnwell Industries Inc. said yesterday its land development partnership will receive $2.5 million from the sale of the first of 80 single-family lots under development in Kaupulehu, North Kona.
The project is being developed by WB KD Acquisition LLC on land it acquired the leasehold interest in from Barnwell's development partnership, Kaupulehu Developments. The oceanfront property is near Hualalai Resort in North Kona.
GM LOSES $4.78 BILLION IN 4TH QUARTER
WASHINGTON — General Motors Corp. lost $4.78 billion in the fourth quarter of 2005 and $8.56 billion for the entire year, the troubled auto giant said yesterday, heightening concern over GM's ability to begin a turnaround this year.
The annual loss is the second-largest in GM's history, surpassed only by a $23.5 billion loss in 1992. The setbacks marked a sharp reverse from a profitable 2004, when GM showed earnings of $2.79 billion for the year and $99 million in the fourth quarter.
EARNINGS UP 5 PERCENT AT MICROSOFT
SEATTLE — Microsoft Corp. said yesterday earnings for its fiscal second quarter rose 5 percent, helped by a successful launch of a new server product and a healthy market for personal computers. It slightly nudged up its fiscal year profit and revenue guidance.
But the company conceded that it suffered some production snafus with its new Xbox 360 video game console, forcing it to reduce slightly its original sales forecast.
