HOTELS: Four for Sheraton

Boston's bustling Sheraton Corp. took its first step off the North American continent last week. For $18 million, Matson Navigation Co. agreed to sell to Sheraton its four Honolulu hotels: the pink Royal Hawaiian, the porticoed Moana, the seven-year-old SurfRider, and the eleven-story Princess KaiulaniĀ—all on famed Waikiki beach. Sheraton, second only to Hilton Hotels Corp., thus got 1,056 more rooms, boosted its total to 26,200.

Matson is selling out because its Hawaiian investors, who own 42% of the company, are clamoring for the line to concentrate on shipping, sell off its many holdings in the oil, insurance, trucking and hotel...

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