Visitors to the Hilo Naniloa Hotel will find major renovations, long talked about, have begun in earnest. The hotel’s circular driveway has been closed with “construction area” signs posted, and jackhammer sounds have replaced Christmas music in the lobby area. The lobby itself has been temporarily moved downstairs. Oahu-based developer Ed Bushor, who partners with Hilo businessman Ed Olson in the hotel, said Monday he’s optimistic a loan to finance the estimated $12 million in improvements to the signature Banyan Drive property will be approved soon. Bushor and Olson spent about $7 million to acquire the lease to the hotel, which sits on state land — as well as covering defaults by previous leaseholder Ken Fujiyama. Bushor noted money is “much more available now than it was a year ago.” “The economy has now turned (for the better),” he said. “Last year, in 2013, there weren’t that many lenders out in the marketplace. In 2014, they’re turning over a new leaf.” Subscribers follow the link for the full story.
Posted on: Sat, 27 Dec 2014 02:05:08 +0000
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