Buyer Pays $50 Million For Ilikai Units
Developer Could Not Pay Back Lenders
POSTED: 1:20 pm HST April 15, 2009
UPDATED: 7:31 pm HST April 15, 2009
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HONOLULU -- A lending company on Wednesday paid $50 million for parts of the Ilikai Hotel in Waikiki.Those units sold Wednesday at auction were under the control of the company Anekona owned by developer Brian Anderson. The Ilikai went into receivership in October after the developer was unable to pay back its lenders.The lender, iStar FM Loans LLC, paid $35 million for 203 residential condo units and $15 million for 16 commercial units. The company was the only bidder.The units could go on sale again, but the minimum price will be at least 5 percent higher than iStar paid, officials said.The restaurant, retail and parking lot areas of the hotel have continued to operate.
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