Pacific Star Resort owners in 'serious talks' to finalize sale of hotel
The U.S. District Court of Guam continued a hearing in the bankruptcy case of Marianas Properties LLC, owner of the Pacific Star Resort and Spa, as the company negotiates with Bank of Guam to resolve a dispute over a $32 million loan.
Pacific Star Resort. Journal Files
Chief Judge Frances Tydingco-Gatewood delayed proceedings until April 18 after attorneys for both sides said they were in “serious talks” to finalize a potential sale of the hotel. The hearing addressed the bank’s request to lift bankruptcy protections blocking an auction of the property or to designate it under single asset real estate (SARE) status, which streamlines certain bankruptcy procedures.
Marianas Properties, which operates the Pacific Star, filed for bankruptcy on Sept. 12, 2024, days before Bank of Guam planned to auction the hotel due to a loan default. The filing halted the sale, but the bank has since sought court approval to proceed.
Andrew Helman, an attorney for Marianas Properties, told the court Friday that parties aim to reach a sale agreement by April 1. He proposed two motions for the April hearing: one to approve a sale negotiated with Bank of Guam and another to authorize a deal with a separate investor if talks with the bank falter.
“There is hope to have a sale finalized before April 1,” Helman said, expressing confidence in a “pretty good outcome.”
Micronesia Mall owner Goodwind Development Corp., identified in court filings as an interested party, is represented by attorney Joyce Tang. Tang also appeared in court.
Tentative deadlines were set for March, including a March 12 filing date for motions, with objections due by March 3 and responses by March 5. Helman noted the dates depend on further consultation with his client.
Tydingco-Gatewood acknowledged efforts to resolve the case, saying, “It sounds like you’re all trying to see a successful result here.”
A hearing on the motions is scheduled for April 18 at 11 a.m.
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