The Hilton Guam Resort & Spa sold recently for $73 million, according to documents recording the sale with the Department of Land Management.

Hilton Hotels will continue to operate the 32-acre, 682-room Tumon Bay property under a long-term management agreement that keeps the current management and its employees in place, according to Premier Ken Guam, the Ken Corp. subsidiary that purchased the hotel.

The seller, daVinci RP Operating Lessee, bought the Guam Hilton for $30 million in November 2004 from Hilton International.

A popular Guam hub for upscale vacation and business travelers, the hotel has undergone $16 million worth of upgrades over the past 34 months.

The Hilton Guam's renovations included the addition of the Tasi Club, a boutique "hotel within a hotel."

The purchase of the Hilton makes Ken Corp., through subsidiaries, the owner of four Guam hotels and a golf course.

Ken Corp. subsidiaries also own the new Sheraton Laguna Resort, Hyatt Regency Guam, Pacific Islands Club and the Country Club of the Pacific.

The Hilton Guam's new owner plans on spending $10 million in additional upgrades to the hotel.

Hilton Guam General Manager Manfred Pieper said he looks forward to the new ownership and that strong efforts will continue to serve guests "to the highest standard."

Koos Klein, Hilton Hotels' president for the Asia Pacific, stated: "We share Ken Corp.'s vision for the need to further upgrade Guam as a destination and attract more upscale visitors."

Before the Aug. 29 closure of the deal to hand off the Hilton Guam to its new owner, it had been rumored for months on Guam that daVinci was selling the hotel.

The acquisition of Hilton Guam gives Ken Corp. and its subsidiaries control of about 42 percent of the major oceanfront hotel room inventory on Guam, said Guam real estate guru Nick Captain, whose property appraisal and consulting business keeps track of local real estate deals.

"The growing power of a single party over the hotel and tourism industry on Guam is unprecedented in the island's history," Captain stated.

"Ken's responsibility as a partner of the people of Guam is growing -- along with its domination and growing clout in tourism-related economics and real estate," he added.

* * * *