Resurgence Seen in Guam’s Tourist Industry — Calvo & Clark Closes Sixth Major Hotel Deal In Two Years
Guam (March 11, 2006). Since 2004 Calvo & Clark has handled the sale of several of the largest and most prestigious hotel and resort properties in Guam and Saipan. These major real estate transactions represent one part of the continued economic resurgence in Guam, which has seen a steady rise in its tourist arrival numbers in the last few years. This increase is largely attributed to Japan’s economic recovery, which has led to its tourists once again flocking to Guam, Hawaii, and other nearby tropical vacation locations. Also fueling the economic resurgence is the U.S. military’s recent expansion plans for its presence in Guam, including the planned transfer of over 8,000 Marines from Okinawa to Guam, a decision that is expected to pump hundreds of millions of dollars into the local economy over the next few years as new facilities are constructed and the island prepares for a significant influx of new residents.
Calvo & Clark has been a leader in the recent surge of major real estate transactions in Guam and the CNMI. For example, the firm served as counsel for daVinci-RP, LLC in the acquisition of the Hilton Guam Resort & Spa from Hilton International. This transaction involved one of Guam’s finest hotels — a longtime institution of Guam's tourism industry. In addition to handling the acquisition, Calvo & Clark assisted daVinci-RP with various contractual issues, as well as obtaining governmental licenses necessary for operating the hotel.
In other matters over the past two years, Calvo & Clark served as counsel for buyers or sellers in each of the following transactions:
- Counsel for seller in sale of Guam Reef Hotel, Guam
- Counsel for buyer in acquisition of Aqua Resort Club, Saipan
- Counsel for buyer in acquisition of Pacific Islands Club Resort, Guam
- Counsel for seller in sale of Holiday Inn Resort, Guam
- Counsel for buyer in acquisition of Hotel Nikko, Guam