CarVal Investors has sold the Hilo Hawaiian Hotel in Hawaii for $17.3m to a group of investors led by Castle Resorts & Hotels.
The local ownership group consists of RAM Corporation and local attorney Rick Fried.
Castle has managed the Hilo Hawaiian for more than 20 years as part of its portfolio of properties in Hawaii, Micronesia and New Zealand.
Castle will continue managing the hotel under a multi-year management agreement and said that hotel operations will be unaffected by the sale.
