b'T R A N S I T I O N A N D T R A N S F O R M A T I O NBy 1974, Boise Cascade made the difficult decision to sell the 31,000 acres of Waikoloa, granting an option to its former real estate execu-tive Ron Boeddeker. A visionary who truly believed in the opportunity at Waikoloa, Boeddeker founded his own company, Transcontinental Corporation, to acquire the property.He began recruiting investors, including the Texas-based financiers the Bass brothers, and flamboyant Honolulu developer Chris Hemmeter,OPPOSITE PAGE: who envisioned a terrain of lush seaside golf courses and rainless rainArtists rendering of the then-named forests with two hotels, more than 400 condominium units and a shop- Royal Waikoloan ping center. Early ideas included a Swan Lake, Deer Park, and carriagesthat opened in drawn by Clydesdales.1981. When it opened in September 1988, the Hyatt Regency WaikoloaLEFT AND BELOW: boasted 1,241 guestrooms, multiple restaurants, a luxury spa, massiveHula dancers and ballroom, canal boats, tramways, tropical birds, tennis park and shop- hala weavers (such ping enclave. Hundreds of palm trees were flown by helicopter fromas Auntie Elizabeth Lee, below) have active lava flows in East Hawai`i, and millions of dollars worth of artadded authentic from Asia and the Pacific region decorated the public spaces. cultural aspects At opening we had 2,800 employees, says Pat Cowell, regional viceto the guest president for Hyatt Hotels Hawaii at the time, plus multiple restau- experience from the earliest days of the rants, lau three nights a week, turndown service in every guestroom,resort. and more. It was a gigantic deal because there was no infrastructure of hotel people on the island.May 1977 December 1978Boise CascadeTranscontinental announces thatCorporation, founded by Sheraton will buildRon Boeddeker and Bass the 548-roomBrothers of Ft. Worth, Texas, Sheraton Royalannounce purchase of Waikoloan.Waikoloa.3 3'