Hawaii Real Estate

Judge Blondin appointed a replacement receiver to oversee the forecolsure of the Ilikai.  The new receiver will thankfully keep the hotel open.

Honolulu Attorney George Van Buren, who was appointed by 1st Circuit Judge Karen N. Blondin on Monday to replace Joseph Toy as receiver and commissioner for the foreclosed property, said the hotel would not close down, as previously reported.

“As newly appointed receiver at the Ilikai, I am pleased to report that my plan is for the hotel to continue to remain open and earlier press reports that the hotel might close should be disregarded,” Van Buren said in a statement.

His appointment was at the request of New York lender iStar Financial, which foreclosed on the property owned by developer Brian Anderson.

From The Pacific Business News:  Judge ok’s Ilikai Foreclosure

A Honolulu judge on Wednesday granted a New York bank’s request to foreclose on the units at the Ilikai that are held by developer Brian Anderson.

In granting summary judgement to iStar Financial(ticker:SFI), 1st Circuit Court Judge Karen N. Blondin set in motion a process that will put the residential and commercial units that Anderson’s Anekona Islander owns at the Waikiki hotel-condominium up for sale, possibly at a public auction.

Blondin’s next step is to appoint a commissioner to sell the property.