Hilo resort sale faces glitch over hotel assets - Hawaii News Now - KGMB and KHNL

Hilo resort sale faces glitch over hotel assets

HONOLULU (AP) - The buyer of a troubled Hilo hotel says he wants part of the purchase price to be frozen until he's assured assets inside are accounted for.

Real estate developer Ed Bushor and marine artist Wyland are buying the Naniloa Volcanoes Hotel in U.S. Bankruptcy Court.

The Honolulu Star-Advertiser reports Bushor has asked that $2 million of the $5.2 million purchase price be placed in escrow until an accounting of hotel property can be completed.

Bushor says in court documents that towels, linens and cooking implements are missing.

Attorney David Farmer oversees the hotel operation in bankruptcy and says Bushor's claims are unfounded.

He says confusion may have started from remodeling work started but aborted at the hotel.

Farmer says he hopes the sale can be completed next week.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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