Hilo Hawaii Hotel Sold To Local Ownership Group

HILO, HI—After 20 years of foreign and off-island ownership, the hotel has been sold for $17.3 million by CarVal Investors to a local ownership group put together by Castle Resorts & Hotels consisting of the RAM Corp., local attorney, Rick Fried and Castle Resorts & Hotels.

General manager Daryle Kitamori confirmed the sale. Castle Resorts & Hotels has managed the Hilo Hawaiian Hotel for over 20 years as part of a portfolio of resort accommodations. Castle will continue managing the Hilo Hawaiian under a multi-year management agreement and has stated the sale will have no impact on the current operations of the hotel.