Hyatt Regency Waikiki Owner Files for Ch. 11
HONOLULU, HI, February 03, 2006. The owner of the Hyatt Regency Waikiki Resort & Spa filed for Chapter 11bankruptcy in U.S. Bankruptcy Court in Honolulu, according to published reports.
The company, Azabu Buildings Co., is under pressure from creditors who are attempting to foreclose on the 1,230-room hotel on Kalakaua Avenue.
Mac Yamaguchi, agent for Azabu Buildings in Hawaii and executive vice president of its subsidiary, Azabu USA, said the hotel is profitable and will be unaffected by the filing.
Azabu Buildings, whose parent company is based in Japan, acquired the hotel in November 1986. Azabu USA owns the King's Village Shopping Center on Kaiulani Avenue in Waikiki.
Azabu Buildings said in a statement that it had been in discussions with its creditors but had been unable to reach an understanding, according to the reports.
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