Guam – Two bidders have expressed an interest in buying the Accion Hotel, one of the properties of the Archdiocese of Agana that was offered in the market following its declaration of bankruptcy earlier this year. The motion to sell the property was discussed during a hearing at the District Court Friday morning.
Ford Elsaesser, counsel for Arcdiocese of Agana said the two bidders offered a bid of $5.35 million and $5.6 million respectively. According to documents filed in court, Dr. Saied Safabakhsh, a Tamuning nephrologist, made the second, higher offer for the hotel.
An amended appraisal placed the value of the property at around $5.5 million. Elsaesser provided other updates on the planned sale of the hotel.
“I am pleased to report that the committee and the Archbishop have reached a settlement. We are going to continue the sale hearing to August 9 and we are going to continue to heavily market the property both on the island and internationally, work with the committee on doing that, if we get a higher bid, we will probably have an auction on the 9th.”
During the motion hearing, Edwin H. Caldie, legal counsel for the creditor committee requested the court to grant an 120-day extension on the sale of the property. The creditors committee said they felt there was a deficiency in the efforts to market the property to potential off island buyers.
The creditors committee represents the survivors of clergy abuse.
Elasaesser disagrees with the committee. “I think we have a superb real estate team that has done that but I respect the committee’s opinion. So as long as we can keep one of our bidders on board, let us try to get some more interest if we can,” he said.
Also known as the Redemptoris Mater Seminary and the Chalan Seminario in Yona, the Accion Hotel consists of two parcels of land with an area of around 72,801 sq. mt. and buildings with an area of 50,000 sq. ft. The property was originally listed for $7.5 million when it was first offered in the market. According to court documents, two offers to purchase have fallen through since it was offered for sale.
The Archdiocese of Agana filed for Chapter 11 bankruptcy re-organization in January to raise funds for the settlement of sexual abuse cases against the Church.
At the end of the Friday hearing, the court ordered the proceedings to continue on August 9, further delaying the sale of the property.