HILO, HI—Hall Structured Finance (HSF) has closed a first-lien construction loan totaling $18.5 million to complete renovations on a property conversion to a DoubleTree by Hilton here.
The borrower is Honolulu-based WHR LLC, a holding company formed by Hawaii-based Tower Development Inc.
The hotel is currently operating as the Hilo Naniloa Hotel and previously was known as the Naniloa Volcanoes Resort. It will remain open throughout the renovation.
The resort sits on 70-plus acres of oceanfront overlooking Hilo Bay on the Hamakua Coast of the Big Island and includes five main buildings: the lobby, three guestroom towers and the Crown Room, plus a nine-hole golf course and pool.
Loan proceeds will be used to renovate all 388 guestrooms; the hotel lobby, bar and restaurant; the pool and golf course clubhouse; and more than 20,000 sq. ft. of meeting and banquet space.
“Hilo is only a one-and-one-half hour drive from the west side of the Big Island and offers many outdoor destinations exclusive to the area,” said Mike Jaynes, president of HSF.
The new resort will feature local artwork, some of which will be for sale.
Ed Bushor, president of Tower Development, said, “We are looking forward to implementing our art museum theme as well as the many other service enhancements that will exist in the new resort. We will incorporate additional special museum touches to create a great hotel experience for both tourists and the local Hilo community and Hawaiians to enjoy.”