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ARC owners said to purchase PIC-Guam
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Posted on May 03 2005
Tokyo-based Ken Corp., which owns the Aqua Resort Club hotel facility on Saipan, is now in the process of acquiring the Pacific Islands Club hotel on Guam.
Information obtained from the ARC management on Saipan confirmed reports about the planned acquisition. But the management said the parties are still in the process of final negotiations, which might conclude by June or July.
The Japanese company engages in real estate and hotel ventures. It operates some 17 hotel facilities, mostly in Japan. It also has hotels in the Unites States and on Saipan.
Ken Corp.’s representative on Saipan, Ken Yanagisawa, could not be reached for an interview yesterday to elaborate on the PIC-Guam transaction. No acquisition amount has been disclosed yet.
The Japanese firm acquired the Aqua Resort on Saipan sometime last year through its subsidiary, Ken Aqua Hotel and Resort, Inc. It then launched a $3.5 million renovation geared toward making the hotel a major hotel destination in Micronesia.
The renovation includes refurbishing all 91 hotel rooms, as well as the Raraina and Costa Terrace restaurants. ARC planned to convert 16 out of the 91 hotel rooms into bigger “family-type” rooms.
The plan also includes the conversion of ARC’s lobby into an air-conditioned café and bar lounge, while the premises are undergoing landscaping.
