Western Apartments Supply & Maintenance Co. is being forced to sell the Maui Oceanfront Inn as part of its bankruptcy. Western Apartments currently owes $12.3 million to OneWest Bank and has approximately 50 other creditors named. The Maui Oceanfront Inn is located on Keawakapu Beach and has a small 87-room facility. Bankruptcy Trustee Joseph Toy has stated that he has begun accepting offering on March 19, and will continue to take take offers until a decision has been made on May 21. Toy stated, “only bids in excess of $7 million will be considered.”
According to Toy, the occupancy at the Maui Oceanfront averaged only 48.9 percent in 2009, but increased to 67.4 percent in 2010 and 78.1 percent in 2011. Since December 2011, the occupancy rate has remained over 90 percent.
Source: Honolulu Star Advertiser, 3-26-2012, www.staradvertiser.com
Posted by Jeff Uyemura-Reyes, Broker-in-Charge, Realtor
Global Executive Realty, LLC
www.myhawaiihomesearch.com
www.myhawaiicondo.com
www.myhawaiidreamhome.com
