A final bid for the Naniloa Volcanoes Resort has been accepted. A final bid for the Naniloa Volcanoes Resort has been accepted. ADVERTISING Tower Development Inc. and Wyland Hilo Hotel LLC made the top bid of $5.2 million in U.S.
A final bid for the Naniloa Volcanoes Resort has been accepted.
Tower Development Inc. and Wyland Hilo Hotel LLC made the top bid of $5.2 million in U.S. Bankruptcy Court today, said David Farmer, Naniloa’s bankruptcy trustee.
The bid and sales agreement will be finalized and signed assuming there isn’t an appeal, he said.
Lower bids had been submitted by Ramco Properties LLC ($3.7 million) and America Asia Travel Center Inc. ($3.5 million).
Pagoda Hotel had also made a bid today, Farmer said.
The new owners have also agreed to provide $1.5 million to cover some of Naniloa’s defaults and another $250,000 for unsecured creditors, he said.
“This is a good day for Hilo,” Farmer said.
