November 13th, 2013

Hilo’s Naniloa hotel sold for $5.2M

13 Nov, 2013

A partnership between eRealty Fund founder Ed Bushor and the marine artist Wyland is buying the 383-room Naniloa Volcanoes Resort from its bankrupt owner for $5.2 million, Pacific Business News, reports. Plans are to turn the hotel into an evironmentally-friendly, boutique hotel.

Tower Development Inc. and Wyland Hilo Hotel LLC placed the high bid for the hotel during a hearing in U.S. Bankruptcy Court in Honolulu on Tuesday.

In addition to the sale price of $5.2 million, the bid also includes a $1.5-million cap on paying debts required under the hotel’s ground lease with the state, and $250,000 to pay unsecured creditors.

The hotel will be managed by Aqua Hospitality.

“We want to create some tourism excitement at the property,” Bushor said, adding that he will ask Wyland to do a marine-themed museum at the hotel.

The hotel was under the ownership of Hawaii Outdoor Tours Inc., which filed for bankruptcy in November 2012.

Topic : Naniloa Volcanoes Resort
External Source : Pacific Business News

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