The Archdiocese of Agana’s Accion hotel property has been sold for $6.1 million after a “live” auction.
In District Court Friday morning, the live auction was led by Chief Judge Frances Tydingco-Gatewood who opened up the auction on the Archdiocese of Agana’s Accion hotel property.
The Acción hotel property was originally listed for sale at $7.5 million dollars and was on the market for over a year before there were any bites.
Two buyers have come to the table but only one has walked away with the property.
The initial offer on the table was from TF Investments who offered $5.35 million for the church property.
Despite TF Investment upping its offer during the live auction to $5.7 million that offer was blown out of the water by bSide Partners, a Georgia based company, which bid $6.1 million.
The offer, which was just received yesterday, is a quarter of a million dollars more than the first offer the Church attempted to have approved.
Edwin Caldie, who represents the Unsecured Creditors Committee, shared the committee’s views going into today’s hearing.
“The unsecured creditors committee was concerned earlier that we weren’t getting enough money for Accion Hotel property. For the past several weeks, we have kind of a renewed spirit of cooperation with the Archdiocese and we worked together to get as much money as we could for the Accion property hotel,” Caldie said.
He added: “The committee supports what happened today, I think it’s a really, really good development not just for this bankruptcy case, not just to get this asset sold, but to get some money here for survivors of abuse and other unsecured creditors. We think it’s a really good thing for Guam generally and that is the goal here.”
So what happens next?
With the sale agreement being entered into court today, bSide Partners will place a deposit of $100,000 of which $50,000 will be non-refundable after 60 days. Security Title will hold on to the deposit for that duration.
Then the $6.1 million will be paid to the debtor and held in the account until further orders from the District Court.
According to the bSide Partners website, the company is a multifamily real estate investor whose primary investment targets are quote “student housing sites with new development opportunities and assets in close proximity to campus with value add potential.”
According to the website: “For either new developments or value-add acquisitions, we selectively target markets with college enrollment growth, general population growth, housing shortages and/or unmet demands. Because our pursuits are rooted in disciplined underwriting, we are willing to take advantage of more entrepreneurial ventures that others may overlook.”