Business Notes RESORTS

Although Ricardo Montalban and Herve Villechaize, were not on hand, the posh Hawaiian resort that opened last week could well be named Fantasy Island. The new Hyatt Regency in Waikoloa on the main island of Hawaii offers luxury accommodations for $195 to $375 a night. For $325 extra, guests can train for a day under a professional driver, then suit up for a mock Grand Prix auto race along the coastline. Those who seek Hemingway-style adventures can hunt wild Russian boar and Longhorn bull on an island safari ($550).

As part of a resort-industry trend toward offering action-oriented vacations, the Hyatt-Waikoloa boasts a fleet of paddle boats plying a four- acre lagoon and trams traveling over wildlife preserves. For the less adventuresome: seven restaurants, twelve bars and a mile-long gallery of Oriental art. The resort cost more than $360 million to build, including $2 million for a 77-step, pink-flagstone grand staircase.