Word: waikikied
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Popping up out of nowhere, a mysterious "global combine" proposed to buy five Sheraton Corp. hotels on Waikiki Beach and 5,400 acres of choice land on Oahu owned by shrewd Chinn Ho, 58, most meteoric of Hawaii's new millionaires (TIME, May 5, 1961). Total price on the package deal (including a few odd lots from other landholders): $62 million...
...this was, the combine's offer was just too good to reject. For its five Waikiki hotels, Sheraton was to get $34.5 million-$10.5 million more than they had cost the chain-and a contract to keep on operating them. Chinn Ho stood to do almost as well: besides $10.2 million in cash, he was promised contracts to develop the land he was selling. Said Ho: "We had no alternative but to accept-and nothing to lose." The Good of the Service. Deadline date for the big deal...
...bank messenger after graduation from high school, jumped to a brokerage house, studied the stock market reports so dili gently that he became a customers' man. With his shrewd head for finance, Ho began to supervise a number of hui; he speculated in Philippine real estate, bought Waikiki land for as low as 40? a square foot. During World War II, he stepped up his operations, bought up choice Hawaiian land put on the market by islanders fearful of Japanese invasion...
...wafted in on the trade winds for a vacation in 1954. The tourist was Henry J. Kaiser, fresh from several careers as wartime shipbuilder, automaker, steelman and millionaire chief of a vast industrial empire. Vacationing with his second wife, Kaiser found hotel accommodations scarce on Honolulu's crowded Waikiki Beach, rented a house near Diamond Head, and sat back to wonder who would house the hordes of mainlanders he felt sure would discover the island's natural beauty and balmy climate. His predictable answer: Henry J. Kaiser...
Cement & Thatches. Kaiser started in a small way-for him. He bought $3,000,000 worth of land bordering on Waikiki, created his own beach and artificial lagoon, and started work on his Hawaiian Village Hotel. In short order, he built 70 thatch-roofed units, a million-dollar 100-room hotel, a 1,000-seat convention hall, a 14-story, 260-room Ocean Tower, an aluminum dome for the convention over flow, and a $1.5 million, 13-story hotel. Now being finished are a pair of $5 million, 17-story hotels called the Diamond Head Towers, which will give...