Canadian dollar extends gain after U.S. jobs, firm oil prices

Article from: http://www.yahoo.ca

TORONTO (Reuters) – The Canadian dollar rose to three-year highs against the U.S. currency on Friday morning after a strong U.S. jobs report underpinned hopes of an economic recovery.

The currency touched its highest level since November 2007 at C$0.9643 to the U.S. dollar, or $1.0370, shortly after data showed U.S. nonfarm payrolls notched a second straight month of solid gains in March. A fall in the jobless rate to a two-year low of 8.8 percent also marked a decisive shift in the labor market that should help the economic recovery.

Firm oil prices also supported the Canadian dollar.

At 9:20 a.m. (1320 GMT), the Canadian currency stood at C$0.9645 to the U.S. dollar, or $1.0368, up from Thursday’s close at C$0.9696 to the U.S. dollar, or $1.0314.

“The technicals still favor a higher Canada. I think it will be a slow grind higher based on the strong oil prices and prospects of global recovery, which will get more traction I think…because of the U.S. employment data,” said Michael O’Neill, managing director at Knightsbridge Foreign Exchange.

“It was stronger than expected, but the market was looking for stronger than expected. The risk is then you don’t get as big a move.”

He said it was too early to tell if the break through the quadruple bottom of C$0.9680 was a move with conviction, putting the daily range between C$0.9640 and C$0.9720.

O’Neill said the Canadian dollar would also draw solid support from the price of oil, which was above $107 a barrel, trading around its highest since September 2008 as fighting in Libya, an OPEC producer, helped underpin the strength.

Canadian bond prices slid across the curve, tracking U.S. Treasuries, after the higher-than-expected growth in U.S. payrolls and the fall in unemployment, bringing closer the day when U.S. interest rates may rise. Investors shed safe-haven assets for stocks and other riskier bets in response.

Canadian interest rate hike expectations also firmed slightly, with the odds of a September rate hike gaining following the U.S. data. Traders maintained bets that there is little chance the central bank will raise rates in April, according to a Reuters calculation of yields on overnight index swaps. Odds of a May hike were also seen as low.

The two-year bond fell 7 Canadian cents to yield 1.867 percent, while the 10-year bond lost 17 Canadian cents to yield 3.371 percent.

(Reporting by Ka Yan Ng; Editing by Leslie Adler)

Lehman Bros. to auction off Ritz-Carlton Kapalua

The giant investment banking firm is owed $268 million on the foreclosed Maui property

By Andrew Gomes
Article From: Star-Advertiser

The Ritz-Carlton Kapalua is headed for auction after a foreclosure lawsuit was filed in September.
The Ritz-Carlton Kapalua hotel is headed for a May auction, potentially giving the 404-unit luxury property a new owner after loans taken out to finance a lavish renovation in 2008 couldn’t be repaid.

Lehman Bros. received approval earlier this month to put the oceanfront property in West Maui up for auction after filing a foreclosure lawsuit in September against owners that include institutional investors and Maui Land & Pineapple Co.

The investment banking firm issued $232 million in loans to finance a $180 million renovation and condominium conversion plan that the hotel’s owners envisioned would be repaid by selling 107 units in one hotel wing as residential condos.

But downturns in the economy and real estate market inhibited sales, and the owners defaulted on the loan in early 2009. As of November, Lehman was owed $268 million including late fees, according to the foreclosure suit.

A new owner, which could include Lehman if no one is willing to pay more than the investment bank is owed, would be in a position to resume condo sales efforts or restructure the existing operating plan.

The original plan was created by a partnership led by Miami-based hotel investment and development firm Gencom Group, which bought the then-548-room hotel on land leased from Maui Land in 2006 for about $200 million.

At that time, Hawaii’s real estate and tourism markets were peaking, with annual visitor arrivals topping 7 million and luxury resort condos selling for eye-popping prices.

Initially, Gencom and partners Highgate Holdings and an investment fund affiliated with Goldman Sachs announced plans for a $45 million renovation. Then in 2007, the Gencom-led partnership said it would spend $95 million on the renovation and convert 107 units in the hotel to condos by reducing the number of hotel rooms.

Maui Land sold the land under the hotel in 2007 to the partnership for $25 million plus what ended up being a 16 percent ownership stake in the project.

The hotel was closed from July to December 2007 for the redevelopment work, which swelled to $180 million as the real estate market was cooling.

Still, the plan appeared on track for success as Gencom announced in early 2008 that it had signed 93 binding condo sales contracts for an average of $1.9 million, or $176 million in total.

Most of those sales, however, failed to close. Ultimately, only 34 sales were completed. Since then, the market has struggled with recovery, as one unit in the project that sold for $1.48 million in 2008 was resold last June for $700,000, according to property records.

Up for auction will be the 73 unsold condo units, 297 hotel units, common areas, commercial space and 21 acres of undeveloped land. The assets are being sold in bulk, not separately. The auction is scheduled for May 5 on Maui.

Local real estate industry executive Chris Lau is serving as foreclosure commissioner handling the auction.

Lau said early interest has been strong. “I’ve had many, many calls,” he said.

Under auction rules, Lehman could assume ownership if no one is willing to bid more than what it is owed, though the investment bank could let a bidder acquire the property for less.

A winning bid is subject to confirmation by a Circuit Court judge.

Joseph Toy, principal of Hospitality Advisors LLC, noted that several other Hawaii hotels that went to foreclosure auction during the economic downturn were retained by lenders, though he said it is too hard to predict whether someone will outbid Lehman for the Ritz-Carlton Kapalua. “You just don’t know,” he said.

If the hotel changes hands at auction, the Ritz-Carlton Kapalua would have its fourth owner since it was built in 1992. Japan-based Nissho Iwai Corp., Ritz-Carlton Co. and Maui Land developed the hotel in 1992 for $206 million. After the hotel struggled financially in the mid-1990s, Nissho bought out its partners in 1996, and in 2001 sold the hotel to Marriott International and investment firm Blackacre Capital Management LLC for $144 million.

Sun and waves might be good for the soul, according to a new national survey naming Hawaii as tops in well-being among U.S. states — but the sunshine doesn’t necessarily elbow out Northern Lights and snow, as Alaska also made the top 10 happiest states list.

The 2010 telephone survey was conducted by the Gallup-Healthways Well-Being Index between Jan. 1 and Dec. 31. Results showed the South may need some smile help, with 10 southern states falling into the lower range of the list. Many western states, however, shined in well-being, with five of the top 10 located in that region of the country. [Related: Happiest States Revealed by New Research]

The survey — which included a random sample of 352,840 adults ages 18 and older living in the 50 U.S. states and the District of Columbia — looked at six categories of well-being. These categories included life evaluation (self-evaluation about your present life situation and anticipated one in five years); emotional health; work environment (such as job satisfaction); physical health; healthy behavior; and basic access (access to health care, a doctor, a safe place to exercise and walk, as well as community satisfaction).

The top 10 states and their average well-being scores (out of a possible 100 points):

1.     Hawaii: 71.0

2.     Wyoming: 69.2

3.     North Dakota: 68.4

4.     Alaska: 68.3

5.     Colorado: 68.0

6.     Minnesota: 68.0

7.     South Dakota: 68.0

8.     Utah: 67.9

9.     Connecticut: 67.9

10.  Nebraska: 67.8

11.  Massachusetts: 67.8

The bottom 10 states

1.  West Virginia: 61.7

2.  Kentucky: 61.9

3.  Mississippi: 63.0

4.  Arkansas: 63.7

5.  Alabama: 63.7

6.  Ohio: 63.8

7.  Delaware: 64.2

8.  Nevada: 64.2

9.  Louisiana: 64.3

10.  Michigan: 64.6

(Full list of happiest states)

Hawaii’s stellar placement was due to its scores on three well-being categories: life evaluation, emotional health and physical health. At the other end of the spectrum, West Virginia came in last by performing worst on those same three categories.

Delaware residents reported the worst work environments in the country, while those living in South Dakota were most positive about work conditions.

Compared with 2009 well-being results, Vermont still boasted the best overall health habits in America, and Kentucky continued to have the worst. Massachusetts residents indicated the best access to necessities crucial to high well-being, while Mississippi residents again reported the worst, with a score on this index even lower than it was in 2009.

Climbing the well-being ladder

With many states encountering fiscal problems that have led to layoffs and salary cuts of public employees along with public-school closings, Gallup experts say it’ll be an upward climb to improve states’ well-being scores. [5 Things That Will Make You Happier]

They say states must find a way to increase residents’ access to good jobs and basic necessities — including medical care — while decreasing costly, chronic conditions, such as obesity and diabetes. These steps, Gallup says, will be the most likely ways to improve well-being.

But the role these factors play in a person’s happiness has been up for debate. Happiness, it seems, is a pretty complex state.

Research published in December 2009 issue of the Journal of Research in Personality looked at the relationship between 2008 well-being scores and various factors, including economic indicators, education levels, personality traits and levels of inclusiveness. They found the states with higher gross regional product (GRP) per capita (level of productivity and standard of living), higher income levels and higher median housing value were significantly happier than poorer areas.

In addition, the happiest states in 2008 tended to have more residents with advanced educations and jobs that were considered “super-creative,” such as architecture, engineering, computer and math occupations, library positions, arts and design work, as well as entertainment, sports and media occupations.

Researchers conducting another study, which was published in the Dec. 17, 2009 issue of the journal Science, generated a different happiest-states list that relied on people’s self-reported evaluation of well-being. The team of researchers reported the self-evaluations matched up with objective measures of well-being.

The team publishing their work in Science used their data to statistically create a representative American. That way they could take, for example, a 38-year-old woman with a high-school diploma and making medium-wage who is living anywhere and transplant her to another state and get a rough estimate of her happiness level.

Other studies have shown being happy means being old, male and Republican.  

You can follow LiveScience Managing Editor Jeanna Bryner on Twitter @jeannabryner.

Islands have always been, and will always be, popular vacation spots. People love the coast. And, well, islands have a lot of it. In years past, however, when people have planned their tropical getaways, they typically look into a few sprawling resorts. Massive hotels with expansive swimming pools and private beaches lined with plastic lounge chairs and tiki huts. But recently, more and more people have been turning to Maui vacation rentals.
Simply put, Maui vacation rentals offer a different experience than Maui resorts. A vacation rental gives you a slice of life on Maui. They break you out of the resort bubble. They place you into your own Maui home or condo for a week, two weeks, or however long you plan to stay. You’ll enjoy more space and more privacy than you would at virtually any resort – and for less money. Inventory is up, and prices are down, making it easy to book a Maui vacation rental for your next getaway.
We should also point out that this is a two-way street. Maui vacation rentals aren’t just becoming more popular with travelers. They’re becoming more popular with second-home owners as well. With the tumultuous economy, many people have found it hard to keep that second home. However, they’re also in no position to sell. What they can do, though, is generate some extra income by renting their home out during the peak of vacation season.
Whether you’re planning an exotic getaway or you want to turn your home into a Maui vacation rental, we can help. Get in contact with us today for a hassle-free consultation.

Expect the personal touch from Wailea Beach Villas

By Cheryl Chee Tsutsumi
Article from: Star-Advertiser

The Wailea Beach Villa’s infinity pool is just steps from Wailea Beach.
Toronto executive Ann Marie Keating checked into Wailea Beach Villas on Jan. 12. She extended her stay at the exclusive residential vacation resort twice — the first time for five days, the second time for a month. She won’t be relinquishing her ocean-view penthouse until April 12.

“I love it here!” Keating said. “Three months is the longest consecutive period I’ve ever been away from my home and office.”

She tips her hat to Wailea Beach Villas’ staff, whose exemplary service has enabled her to enjoy a stress-free Maui escape while running her companies and working on her Ph.D. in clinical psychology.

“The day I arrived, I got a headache and couldn’t think clearly because of the vog,” Keating recalled. “When the concierge heard about it, he brought me a homeopathic remedy. A light bulb burned out, and someone from maintenance was here within five minutes to replace it. When outdoor lights were shining into the bedroom at night, disrupting my sleep, workers came to install blackout blinds. Everyone has bent over backwards to ensure I’m happy and comfortable.”

IF YOU Go …

Wailea Beach Villas

» Address: 3800 Wailea Alanui, Wailea Resort, Maui

» Phone: 891-4500 or toll free 866-901-5207

» Starting nightly rates: Regular, $1,200; Komo Mai, $900, including a car; Kamaaina, $765 (Komo Mai and Kamaaina rates subject to change). Three-night minimum stay for all bookings. Beach Escape package (prices begin at $795 per night) has a seven-night minimum.

» Email: info@waileabeachvillas.com

» Website: http://www.waileabeachvillas.com

Set on 11 beachfront acres, Wailea Beach Villas caters to a discriminating clientele. Most of the resort’s 98 luxurious villas and penthouses open to spectacular views of Lanai, Kahoolawe, Molokini islet, the West Maui Mountains and, this time of year, pods of breaching whales. Accommodations range between 1,900 and 3,100 square feet in size, with two-bedroom units sleeping up to six people and three-bedroom units sleeping up to eight.

Amenities include a soaking tub, full-size washer and dryer, barbecue grill on the lanai, flat-screen televisions in the living room and all bedrooms, and a fully equipped gourmet kitchen. For an additional fee, the refrigerator and pantry can be stocked with breakfast fixings prior to your arrival (special requests can also be accommodated). Even better, a private chef can be retained to prepare all of your meals, some of them or a menu for a special occasion. Jeff Scheer, chef/owner of Maui Executive Catering, created a memorable evening for a couple from San Francisco who were celebrating their first anniversary at Wailea Beach Villas.

“The gentleman wanted it to be a surprise for his wife,” Scheer said. “He requested a menu of their favorite dishes with a local twist. His wife loved fresh pasta, so I made Molokai sweet potato agno­lotti with sage, brown butter and shaved pro­sciutto. After hearing him talk about a fish-and-chip pub that they often went to, I got the inspiration for another course: crispy-skin opakapaka served with garlic chips. Pale green and white was the color scheme for their wedding, so that’s what we used for the linens and tablecloths. The centerpiece was a beautiful bouquet of white roses and green orchids.”

At the resort’s state-of-the-art fitness facility, cardio machines are linked to individual entertainment devices that include headsets and access to 60 cable television stations. You can arrange private Pilates and yoga classes, and workouts with a personal trainer who can design a program that fits your goals and lifestyle.

Golf, surfing, snorkeling, kayaking, biking, hiking, helicopter tours, horseback rides and more — the concierge can keep your days as busy as you desire. Charlie Fleck, Wailea Beach Villa’s “adventure guide,” specializes in customized eco-conscious excursions.

“I do everything at a leisurely pace so participants feel like they’re on an outing with friends rather than a tour,” Fleck said. “I often bring my dog, Barley Hops, along on hikes. We go to waterfalls visitors wouldn’t otherwise see, and I take pictures throughout the day so they can focus on having fun. I later burn the pictures on a CD as a gift for them.”

Lunch could be fresh fruit; different cheeses and crackers; and sandwiches Fleck makes with deli meats, Kula tomatoes and focaccia at a pretty picnic site.

“For example, we could eat in a rain forest or atop a hill overlooking the ocean,” he said. “That’s something visitors don’t usually get to do at home. Unlike most other tours, we don’t have to keep to a specific schedule. We leave when they’re ready.”

From arrival to departure, a stay at Wailea Beach Villas is marked by extra services and attention to the smallest details. Would an au pair or butler be helpful? That can be arranged. Do you need a playpen and highchair for your baby? Ask and they’ll be delivered to your door. The resort even provides complimentary welcome gifts for keiki, sunblock and chilled water at the pools, and household items right down to the paper towels and laundry detergent.

Businesswoman Keating also appreciates the peace and privacy. “I start my day with meditation and yoga just as I do at home, but on my lanai I have the added benefit of a fantastic ocean view,” she said. “I make my own breakfast and lunch, and eat when I want to without having to dress up to go out, think about restaurants’ hours or deal with crowds. If I need something, I know the staff will come through with flying colors. All this makes it easy to relax on a deeper level and to enjoy the beauty and aloha around me.”

———

Cheryl Chee Tsutsumi is a Honolulu-based freelance writer whose travel features for the Star-Advertiser have won multiple Society of American Travel Writers awards

**If you would like more information on units available for purchase at The Wailea Beach Villas or to check availability of the Hansens rental unit please call (808)879-3667**