Word: kepokai
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Subdividing the Air. Hottest properties are cooperative apartments, which can easily be turned into hotel space to meet the tourist invasion. One of the most successful builders of co-op apartment hotels is Kepokai (Hawaiian for pounding sea) Choy Aluli, 36, a lawyer who turned to real estate after he flunked his bar exams and was twice defeated for public office. Aluli saw the hotel boom coming in 1954. But when he tried to build a hotel, he quickly learned that high land cost and tight mortgage money made it difficult for a small developer to operate. He turned...
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