Pagoda sold to Peter Savio - Hawaii News Now - KGMB and KHNL

Pagoda sold to Peter Savio

By Howard Dicus - bio | email

HONOLULU (HawaiiNewsNow) - The locally-owned 359-room Pagoda Hotel and Floating Restaurant is being sold to Honolulu developer Peter Savio.

Pagoda Management Services said Savio reached agreement Friday to acquire the property from HTH Corp., and will meet Monday with employees. Pagoda Management is an affiliate of Aqua Hotels and Resorts, which Savio is keeping as management partner.

"We know many island families have fond memories of time spent at the Pagoda," Savio said in a statement. He said he intended to make improvements to the property but keep its "distinct charm."

Built in 1964 by H.T. Hiyashi, the Pagoda remains on a quiet street two blocks mauka of Don Quixote, and koi still swim in the streams around the tables at the restaurant. Business has been quieter in recent years but the restaurant still does banquets and meetings, and will host the annual meeting of the Pacific Air Cargo Association on Tuesday.

Hayashi died in 2005. His children have also sold King Kamehameha's, the hotel at the north end of the seawall in Kaliua-Kona, but still own the Pacific Beach Hotel in Waikiki, known for its massive Oceanarium.

Savio built his reputation on condo conversions, then went through bankruptcy in 2001 when some of his deals fell through. In recent years he has worked for redevelopment of Moiliili. He turned some Waikiki hotels into University of Hawaii student housing.

Copyright 2010 by HawaiiNewsNow. All rights reserved.

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