NEWS: May 18, 2010
Press Release Source: Hawaiian Hospitality Group, Inc. On Tuesday May 18, 2010, 6:00 am EDT
HALEIWA, Hawaii, May 18 /PRNewswire-FirstCall/ -- Hawaiian Hospitality Group, Inc. (Pink Sheets:HHGI.pk - News), a growing provider of sustainable land use solutions and event services, is pleased to report on the development and ongoing revenue of its first sustainable destination property. Hawaiian Hospitality Group has developed a unique, eco-friendly event venue on Oahu's North Shore. 2010 sales and bookings for its Loulu Palm Estate have increased significantly over last year and additional growth is expected.
Scott Francis, Manager of Loulou Palm Estate, commented, "In just one year, Loulu Palm Estate has become one of the most sought after event locations on Oahu. Bookings are up 43% over last year. We developed an eco-friendly destination venue and nature park, built a thriving event business, and dramatically increased sales within in a very short timeframe. We believe we will be able to repeat this strategy on other coastal parcels on the Hawaiian Islands, enabling Hawaiian Hospitality Group to generate additional cash flow and expand our share of Hawaii's lucrative event market."
Hawaiian Hospitality Group successfully restored a site with one mile of private beachfront on Oahu's prestigious North Shore coastline to create its flagship development property, the Loulu Palm Estate. In only a few short months the team refurbished the site's main structure, capitalizing on its original 1941 plantation-style elegance. The company also revitalized the surrounding ecological habitat to create a harmonious private park and facility for commercial use. By successfully negotiating an easement across public land seaward of the estate the company was able to secure private beach access. Strategically located just 30 minutes from downtown Honolulu, the property has become an increasingly popular venue for weddings and corporate events as well as a film and production location.
Loulu Palm Estate began operations in 2009 as a destination wedding site with immediate cashflow from venue fees and event services. Last year it hosted 70 events. This year Hawaiian Hospitality Group, through its wholly owned Loulu Palm Estate LLC subsidiary, has already booked 100 events, achieving a 43% sales increase over last year. The company expects to host up to 125 events in 2010 and has begun booking for 2011.
About Hawaiian Hospitality Group, Inc. (HHGI.PK)
Hawaiian Hospitality Group, Inc. is a growing provider of sustainable land use solutions and event services. The company draws on environmental engineering expertise to identify, design, develop and operate destination sites that provide environmental and commercial revitalization for Hawaii's coastal properties. Hawaiian Hospitality Group employs innovative approaches to land use that create profitable enterprises while restoring and preserving the beauty and natural resources of the Hawaiian Islands. The company generates revenue from venue fees, catering services, wedding planning and other services on the destination sites it develops, maximizing value while minimizing the ecological footprint of its operations.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. HHGI has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect HHGI's current beliefs and are based upon information currently available to it.
Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the HHGI's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. HHGI undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
