Legendary luxury hotel closes down

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The Y-shaped Ilikai hotel that once hosted Elvis Presley and graced the Waikiki skyline for nearly five decades has closed.

The new owner has ceased operations because of mounting operating losses.

The 30-story Ilikai was considered Hawaii's first luxury high-rise hotel when it opened in 1964.

It gained prominence in the 1970s when it was featured in the opening sequence of the hit TV series Hawaii Five-0.

The hotel has been acquired by New York-based iStar Financial Inc., but they have not indicated what they will do with the property.

Employees are expressing frustration about how a vibrant, successful 800-room hotel operation has been dismantled, sold off in pieces as time shares and forced into foreclosure in just three years by former owner Brian Anderson.

- AP