Fairmont Orchid hotel in Kohala sold

Howard Marks’ Oaktree Capital Management LP and real estate developer Woodridge Capital Partners LLC have bought the Fairmont Orchid luxury hotel in Kohala, the companies’ law firm said Tuesday.

Oaktree and Woodridge, both based in Los Angeles, financed the acquisition of the 540-room property on Hawaii island with a $78 million loan from an affiliate of Archon Group LP and Goldman Sachs Group Inc., according to a statement from Paul Hastings LLP, which represented the buyers. The price wasn’t disclosed.

Fairmont will keep operating the hotel, the statement said.

Oaktree earlier this year made an investment in the Beverly Hilton hotel in Los Angeles, averting a sale of the landmark property, a person familiar with the situation said in September. The company is the biggest distressed-debt investor, overseeing more than $80 billion for pension funds from Massachusetts to Florida.

Bankoh gets top reinvestment rating again

Bank of Hawaii received the highest possible rating from the Federal Reserve Board for its most recent performance under the Community Reinvestment Act.

The 1977 act requires federally insured deposit-taking institutions to support the borrowing needs of all the communities where they do business, including low- and moderate-income areas.

This is the seventh consecutive evaluation in which Bank of Hawaii has received an "outstanding" rating. The rating period was from 2009 through 2010.

Hawaii Biotech gets key vaccine licenses

Aiea-based Hawaii Biotech said it has acquired several licenses for technology that it had developed but lost when part of the company was sold last year.

Hawaii Biotech acquired an exclusive license for tick-borne encephalitis and malaria virus vaccine technology and a nonexclusive license for "recombinant protein expression" technology, the company announced Tuesday. The licenses were acquired from Merck, which obtained them when it bought certain assets of Hawaii Biotech in 2010.

"These licenses will enable HBI to proceed with the development of vaccines for TBE, malaria and potentially other subunit vaccines for important emerging and re-emerging infectious diseases and represent a significant milestone for Hawaii Biotech," said Elliot Parks, Hawaii Biotech chief executive officer.

Forestry convention attracts 1,000 to Oahu

More than 1,000 forestry professionals will participate in the Society of American Foresters’ 91st annual national convention at the Hawai’i Convention Center, which begins today and runs through Sunday.

The convention will feature in-depth discussions on Hawaii and Pacific Rim forestry issues, agroforestry, biosecurity and recreation management.

The event is expected to generate $5 million in state revenue and result in 8,000 room nights for local hotels.

BofA backs down on $5 debit card fee

Bank of America Corp. is scrapping its plan to charge a $5 monthly fee for debit card purchases after outraged customers threatened an exodus.

The about-face comes as customers across the country petitioned the bank and mobilized to close their accounts in favor of credit unions and community banks. The outcry prompted other major banks, including JPMorgan Chase & Co. and Wells Fargo & Co., to cancel trial tests of their own debit card fees.

Bank of America, the nation’s second-largest bank, said it reversed course after listening to customers. The bank declined to say whether there was a spike in accounts closed after the September announcement that it would start charging the fee early next year. Higher fees have become a fact of life for bank customers in recent years. But this one touched a nerve because it hit so close to home; many Americans have come to rely on debit cards to manage essential expenses such as groceries and gas.

California rail cost soars to $98.5 billion

California’s planned high-speed rail line between San Francisco and the Los Angeles area will cost $98.5 billion, more than twice the previous estimate, and take until 2033 to complete, according to a revised business plan.

Construction will begin next year on a 130-mile "spine" through the Central Valley, according to the plan released Tuesday by the California High-Speed Rail Authority at a news conference in Sacramento. The authority had estimated a cost of $43 billion and construction to last through 2020.

ON THE MOVE

The Organization of Women Leaders has announced the following as its 2011 Outstanding Women Leader awardees:

» Suzanne Jones (public-sector honoree) is the recycling branch chief for the city Department of Environmental Services.

» Barbra Pleadwell (private-sector honoree) is a partner with Hastings & Pleadwell, a 15-year-old communications company that ranks among the top 10 Honolulu public relations companies.

Roger Morey has been named executive director of the Hawaii Restaurant Association. He has extensive experience working in management, sales, marketing and primarily in fields allied to the restaurant organization.

The Network of Volunteer Leaders has given the 2011 Volunteer Leader of the Year award to Paul Hoe. He is an assistant vice president and manager of the employee volunteer program at Bank of Hawaii.

The Nature Conservancy of Hawaii has announced that Kenton Eldridge has been elected chairman of the board of trustees. Eldridge has 40 years of business experience.