Pan Pacific Hoteliers Inc. has agreed to...

Pan Pacific Hoteliers Inc. has agreed to pay about $20 million to acquire a 20% stake in HAL Inc., the parent of Hawaiian Airlines, the largest air carrier in Hawaii. Pan Pacific, which is a subsidiary of Japan Air Lines, has agreed to purchase newly issued stock for $40 per share, HAL Chairman John H. Magoon Jr. said. The stock purchase is subject to government review. Federal law limits foreign ownership in U.S. airlines to a maximum of 25%. The Japanese group will gain one seat on HAL’s board.