Japanese company Onward Holdings exits Guam hotel business | Guam Business
Ownership of the 428-room Onward Beach Resort is changing.
The Japanese company Onward Holdings Co. Ltd. will sell its Guam hotel to a subsidiary of Hoshino Resorts in a deal expected to close on April 10, Yahoo Japan reported Thursday.
The resort has operated in Guam since 1992. It added a second tower during Guam’s tourism boom more than a decade ago.
But the past two years have decimated Guam’s tourism industry, which is expected to see around 85,000 tourists for the whole of fiscal year 2022 instead of the 1.6 million arrivals the island recorded in 2019, l year before the pandemic.
Onward’s hotel business has operated in Guam since 1992.
Guam Hotel Management, a subsidiary of Hoshino Resorts, will be the new owner of the Onward hotel which includes a water park. Hoshino Resort Co., Ltd. is an international hotel operator based in Japan.
The transfer price for the shares is approximately $52.3 million and the transfer price for the transferred receivables is approximately $22.3 million, according to the Onward announcement reported by Yahoo Japan.
The transaction does not include the Onward Mangilao Guam and Onward Golf Resort Guam golf courses operated by Onward HD in Guam.
(Daily shift staff)