The Hilo Naniloa Hotel will undergo a $20 million renovation this year.
Developer Ed Bushor tells the Hawaii Tribune-Herald that he expects to secure a $15 million loan for the work in the next few weeks. He says he intends to submit building permits this week and hopes to get them approved within 60 days.
The work should get started after July 1 and be finished by January 1.
Bushor's company, Tower Development, is a managing partner with the limited liability corporation that acquired the 383-room hotel through bankruptcy in December.
The hotel also needs to cover $2.1 million in bonds that the Department of Land and Natural Resources says the previous owners left hanging. The department controls the land the hotel leases.