BUSINESS BRIEFS
Outrigger adds 2nd Bali resort
Advertiser Staff
Outrigger Enterprises Group will manage a new luxury resort condominium in Bali that will be called the Outrigger Panorama Bali Resort & Spa.
It is Outrigger's second project in Bali. The company earlier announced it will manage the Outrigger O-CE-N Resort, scheduled to open this summer.
The latest project is being developed by the Balinese development company mc2, with Outrigger planning to own 35 of the 170 condo units. The $45 million project is being built on the Bukit Peninsula along the southern tip of the Indonesian island, with a cliff-top view of the Indian Ocean.
Construction is scheduled to begin this year and be completed by the first quarter of 2009.
CYANOTECH TO STAY ON NASDAQ
Cyanotech Corp. yesterday said it was notified by the Nasdaq Stock Market that the company is in compliance with all its rules. That means the Nasdaq Stock Market will continue to list the Kailua, Kona-based company's securities.
Cyanotech filed its quarterly financial report with the Securities and Exchange Commission on March 14, which brought the maker of nutritional supplements in compliance with SEC periodic-report requirements.
Shares of Cyanotech closed yesterday down 3 cents at $1.67.
WAIKIKI BEACH HOTEL RENOVATED
ResortQuest Hawai'i has completed a $16 million renovation of the ResortQuest Waikiki Beach Hotel, including a fitness center and new meeting room.
Hotel officials said more than $46 million has been spent on the oceanfront hotel over the past four years. Room improvements include "extra plush mattresses," tapapatterned carpeting, upgraded bathrooms, and 32-inch LCD flat-panel TVs with options that allow guests to download from their digital cameras for TV viewing.
The hotel stay still includes free Breakfast on the Beach served poolside in to-go containers so guests can eat there, in their rooms or on the beach across Kalakaua Avenue.
STATE BONDS GET AA2 RATING
Hawai'i's economy is showing some signs of slowing in line with national trends but most industries are continuing to show employment gains, according to Moody's Investors Service, which issued an Aa2 rating on $350 million of general obligation bonds that the state government is expected to sell the week of March 28.
The bond rating agency noted that Hawai'i's economy outpaces the nation in terms of job gains and that unemployment has remained below national levels since 2001. It said the construction industry remains good despite a slowdown in residential building and that tourism is continuing to post strong and steady job growth.
