HTH Corp. announced the sale of its Pagoda Hotel and Floating restaurant to real estate developer Peter Savio on Oct. 15. The agreement marks the first time the property has changed hands in its 46-year history.
"The decision to sell the Pagoda was made with mixed emotions," John Hayashi, president of HTH, said in a statement. "It was made knowing this property will be in the hands of a well-respected leader in Hawaii's business community and with the continued employment of the dedicated Pagoda ohana."
According to the announcement, reservations at the 359-room property will not be interrupted, and Pagoda Management Services, an affiliate of Aqua Hotels and Resorts, will continue to oversee day-to-day operations.
Future technology upgrades for the hotel and dining facilities are planned, but maintaining the property's current charm was said to be a priority.