Highest offer for Naniloa now at $3.7 million
Ramco Properties LLC is now the highest bidder for the Naniloa Volcanoes Resort.
The company is offering $3.7 million for the 383-room hotel and nine-hole golf course on Hilo’s Banyan Drive.
The bid submitted Tuesday narrowly beats the offer of $3.5 million from America Asia Travel Center Inc.
Hawaii Outdoor Tours Inc., the current owner, had bought it for $6.1 million in 2006.
The troubled hotel is going through bankruptcy.
Ramco Properties is also offering $1.5 million to cover defaults on lease payments to the state Department of Land and Natural Resources and state and county taxes. America Asia Travel Center had made the same offer.
At a meeting today in U.S. Bankruptcy Court in Honolulu, Judge Robert Faris expressed concern over whether that amount would be enough to cover the defaults and whether unsecured creditors will be covered, said David Farmer, Naniloa’s bankruptcy trustee.
“He’s not happy with the deal,” Farmer said. “He’d like it to be tweaked a bit.”
The offer will be considered again in court Tuesday, he said.
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