Word: boomingly
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Dates: during 1960-1960
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Philosophy in Sauna. High in the Rockies he came upon what had once been a boom town that had boasted 16 hotels, three theaters and an opera house. It was called Aspen, and with a population of 600, it was still alive only because it happened to be a county seat. To Paepcke, it brought back memories of the great resorts of the Alps, and little by little he began buying up the place. What he had in mind was a cultural center, the like of which the U.S. had never seen...
From the ranch lands of outlying islands, where orchids grow wild, to the cool, pastel-colored balconies of new buildings on famed Waikiki Beach, a frenetic building boom of houses, shopping centers and hotels is under way in Hawaii. The Honolulu bureau that records new construction is eight months behind in its tallies. In February alone, new construction of dwelling units reached $15 million, a 250% increase over a year ago. Fortunes have been made in days by big and small investors alike. Examples...
...meet the tourist invasion. One of the most successful builders of co-op apartment hotels is Kepokai (Hawaiian for pounding sea) Choy Aluli, 36, a lawyer who turned to real estate after he flunked his bar exams and was twice defeated for public office. Aluli saw the hotel boom coming in 1954. But when he tried to build a hotel, he quickly learned that high land cost and tight mortgage money made it difficult for a small developer to operate. He turned to building coops, and started a new trend. Explains Aluli: "I figured land was so scarce...
Tourist-Based Boom. There seem to be plenty of tourists to go around. Already all the hotels on the islands are well booked for the 1960 summer season. Last year 243,216 tourists spent $101 million in the islands, a 22% increase over 1958. Existing hotels are expanding (e.g., Henry Kaiser is adding 425 rooms to his Hawaiian Village), but not fast enough to satisfy the demand. Expansion in Hawaii is a costly undertaking because of the island's unique land situation. The federal and state governments own 42% of all the land, while 60 families own another...
...cooperative hotel boom has been largely financed by the savings of people with small incomes, and by U.S. mainland and Canadian insurance companies. Some co-op owners have made a quick speculative turnover on their apartments, but most are investing for the long term. Small investors seem to get a special emotional satisfaction out of their purchases. If they are unable to buy their own plot of high-priced Hawaiian land, they can still buy a piece of the island's future in a co-op apartment...