updated 7/22/2009 12:46:39 PM ET 2009-07-22T16:46:39

The new owner of the Ilikai has announced the iconic hotel in Waikiki will reopen Friday.

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The 203-room hotel closed July 9 as New York-based iStar Financial Inc. acquired the property bought for $51 million at a foreclosure auction.

The very next day, the company and UNITE HERE Local 5 announced they had reached a deal enabling the hotel to reopen. Members of the union who had lost their jobs ratified a new contract last Wednesday.

iStar Financial says about 50 of the 75 workers are being rehired. It says some of them have been with the hotel for more than 30 years.

Hotel Management Services LLC will manage the hotel that was featured in the opening credits of the TV series "Hawaii Five-0."

Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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