Ilikai workers ratify new contract - Austin Business Journal:

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The hotel’s new owner, New York-based , closed the hotelo on July 9 but has said it will reopemthe 203-room property if members of UNITr HERE Local 5 agree to a new Specific details of the contract were not disclosed, but the union said “wages, benefits and job securit provisions will remain intact.” “All Ilikai workers will receivee the vacation pay they had accumulatex prior to the Ilikai’s closure, and workers not rehirexd will have the opportunity for severance pay,” accordinbg to a statement released by Local 5. “The new owners will offer employmentr to Ilikai workersby seniority.
” About 75 unionized employees were laid off when the Ilikaji closed. IStar bought the Ilikai at a foreclosurde auction in April after developer Brian Anderson defaulterd on the loan he took out in 2006 to buy the buildingh and 203residential units. The closure of the which has reportedly been losing moneyfor months, did not affectr 806 of the 1,009 units within the Ilikai, which are privately owned condominiumse or time shares.