|Remembering and Reviving the
Coco Palms Hotel
From Business Wire, Monday, Jun. 24, 1985:
AMFAC Announces agreement to sell Coco Palms Resort Hotel on Kauai, Hawaii to Wailua Associates
SAN FRANCISCO -- Amfac Inc. Monday announced that Fort Associates Limited Partnership has entered into an agreement with Wailua Associates, a California limited partnership, to sell the Coco Palms Resort Hotel on Kauai in Hawaii to Wailua Associates. The sale is expected to be concluded within 60 days.
Terms were not disclosed. Ronald R. Sloan, Amfac executive vice president and chairman of the Hotels and Resorts Group, said the sale was in accordance with the company's restructuring plan for its hotel operations which was announced in December, 1984.
The Coco Palms Resort Hotel was acquired by Amfac from Island Holidays Ltd. in 1969 and was contributed to the Fort Associates Limited Partnership as part of its formation in August, 1982.
Fort Associates Limited Partnership is composed of related entities of Amfac Inc. and the Bass family of Fort Worth, Texas. Amfac Inc. is a diversified, NYSE-listed company based in San Francisco with principal lines of business in hotels and resorts, wholesale distribution, food processing, retail, agriculture and property. Revenues in 1984 were $2.4 billion.
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