Shimogawa Scoops

Billionaire Larry Ellison’s Hawaii company that runs the operations of the island of Lanai, which he purchased in 2012 for $300 million, has struck a deal to take over the lease for the space at Honolulu International Airport that was formerly used by Mokulele Flight Service Inc. The 25,912-square-foot space at the South Ramp at Honolulu airport was most recently occupied by Alaska-based Guardian Flight Inc. under a 25-year lease that began in 2007. Lanai Resorts LLC officially took over the lease last month for $2.3 million, public records show.

Don Horner, former CEO of First Hawaiian Bank, has purchased his fourth commercial real estate property, this time in Kapolei in West Oahu, Shimogawa Scoops has learned. Horner, one of the most well-known figures in Hawaii’s banking industry, has been on a real estate buying streak with purchases in Waikiki and the Ala Moana area, including a parcel near the Waikiki Zoo that will be redeveloped into a Denny’s restaurant. Horner’s latest purchase is a little more than an acre vacant parcel on Kapolei Parkway. He paid about $1.5 million for the B-1-zoned parcel, which came out to $33.56 per square foot. No building permits have been filed since Horner purchased the lot, and no word on his plans yet for the parcel that’s near the Hoakalei Country Club.

Kmart is closing its last store in Hawaii, which is located on the island of Kauai, according to public documents released Thursday. Located at Kukui Grove Center in Lihue, the Kmart store was the last remaining store to be open in the state. The Sears Holding-owned store chain said Thursday that the closure is part of its ongoing efforts to streamline the company’s operations and focus on its best stores. Sears has identified about 100 non-profitable stores, many of which will begin store closing sales in the near future. The company said that it informed associates at 15 Kmart stores and 48 Sears stores that it will be closing these stores in early September. Eligible associates impacted by these store closures will receive severance and will have the opportunity to apply for open positions at area Kmart or Sears stores. Liquidation sales will begin as early as June 14 at these closing stores. Sears also recently announced that it will close its Kailua-Kona locati...

Diamond Resorts International, a timeshare company based in Las Vegas, paid $215.1 million for The Modern Honolulu hotel, Shimogawa Scoops has learned. On April 19, Diamond Resorts announced its purchase of the 353-room hotel for an undisclosed price. The $215.1 million price tag equates to Diamond paying about $609,000 per room, which is much higher than the other Waikiki hotels that traded earlier this year. The 72-room Hotel Renew by Aston was purchased for $25.8 million in January for $358,333 per room, while the 644-room Aston Waikiki Beach was sold for $200 million, or $310,559 per room.