America Asia Travel Center Inc. submitted the top bid for the Naniloa Volcanoes Resort last week, according to documents filed in federal bankruptcy court.
The Los Angeles-based travel company is offering $3.5 million for the 383-room hotel and nine-hole golf course on Hilo’s Banyan Drive.
Hawaii Outdoor Tours Inc., the current owner, had bought it for $6.1 million in 2006.
According to the proposed deal, America Asia Travel Center would provide an additional $1.5 million to cover defaults on lease payments to the state Department of Land and Natural Resources and state and county taxes.
The company was founded in 1981 and provides travel agency and tour services, according to its website.
A motion to sell the hotel will be considered Nov. 6 in bankruptcy court in Honolulu.
Additional bids may also be received at the time.
David Farmer, the bankruptcy trustee, expects other offers to be submitted.