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Bankruptcy Won't Affect Waikiki Hyatt OperationsFebruary 2, 2006 By: Camie Foster Travel Agent
Azabu Buildings, which owns the Hyatt Regency Waikiki Resort and Spa, has filed for Chapter 11 bankruptcy protection but says this step will not affect operation of the Waikiki hotel. "The filing will have no impact on the operations of the hotel, its employees or vendors," says Mac Yamaguchi, agent for Azabu Buildings in Hawaii. "It will be business as usual." Yamaguchi adds that the hotel is profitable. Also coming under the bankruptcy protection filing is nearby King's Village Shopping Center, owned by Azabu USA, a subsidiary of Azabu Buildings. Yamaguchi, who is executive vice president of Azabu USA, says operations at King's Village will not be affected by the filing. Azabu attributes its debt to real estate transactions in Japan related to the "bubble" economy of the early 1990s but declined to discuss the amount involved.