By Pacific Island Times News Staff
Polaris Guam LCC has closed a $13.6 million deal with Tyche Acquisition Guam LLC for the sale of Verona Resort Guam, fulfilling a requirement of a federal bankruptcy proceeding.
In a document submitted today to Bankruptcy Court Judge Daniel P. Collins, Kathlyn Selleck, trustee for Polaris, reported that closing proceeds in the amount of $8.85 million and the $500,000 Kloppenburg carvout to trustee from the property sale had been deposited into the estate's bank accounts.
The court greenlighted the sale on Dec. 22, 2021.
Tyche was represented by Wah Guan Liang. No other information about Tyche Acquisition is currently available.
Located in Tumon, Verona was forced into bankruptcy by Kloppenburg World Bell Partnership, which owns the hotel’s land, and Teleguam holdings. The hotel, which opened in 1998, was originally called Sherwood Hotel Guam.
The Office of the Attorney General (OAG) and the Department of Revenue and Taxation said the Verona sale will bring in over $1.5 million to the government of Guam for outstanding taxes owed by Polaris.
“Under the terms of the bankruptcy order, the government of Guam will receive approximately $1.1 million in unpaid taxes, with the buyer of the Verona Hotel assuming approximately $570,000 in outstanding property taxes,” according to a press release from the OAG.
“Today’s landmark payment is just the latest example of successes brought through our partnership with Director Mansapit-Shimizu and her team to prioritize tax collection efforts,” Attorney General Leevin Camacho said.
In April 2019, the OAG and DRT sued Polaris for unpaid business privilege taxes. During the time of the filing, the complaint said Verona owed the government $324,473 as of March 2019.
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