BUSINESS BRIEFS
Marriott, union reach agreement
Advertiser Staff
The Waikiki Beach Marriott and UNITE HERE Local 5 said yesterday they have reached tentative agreement on a new four-year contract for the approximately 500 union workers at the hotel. The contract must be approved by union members, and a date for ratification has not been set.
The Marriott agreement is similar to contracts already agreed to between the union and the Hilton Hawaiian Village, the four Sheraton hotels on O'ahu and the Hyatt, the union said. Talks between the union and the Kahala Resort will begin next week.
SATURA CAKES TO OPEN DOWNTOWN
Satura Cakes will open its first store in Hawai'i Dec. 6 in the Harbor Court business tower lobby in Downtown Honolulu.
The California-based company specializes in European-style pastries with a Japanese influence. The pastry chain has plans to open two more locations in the next three months at Ward Center and the Royal Hawaiian Shopping Center.
The company's chefs are led by Chef Seung Ho Jung, the protege of renowned Japanese chef Masahito Motohashi of Anniversary Bakery.
KIRK KERKORIAN BAILS OUT OF GM
General Motors Corp.'s painful process of reinventing itself apparently will continue without Kirk Kerkorian, whose ownership of almost 10 percent of the world's largest automaker failed to become a lever for the changes he sought.
The Wall Street Journal, citing a person familiar with the matter, reported in today's edition that the billionaire investor sold his entire remaining investment in GM — 28 million shares — at $29.95 a share, a transaction worth more than $800 million. The newspaper reported that the shares were sold to Bank of America, a key lender to Kerkorian.
