The ownership of a Hagåtna landmark building has changed hands.
Bank of Hawaii sold its Hagåtna building to the property investment subsidiary of Citadel Pacific Ltd., the bank announced Thursday in a press release.
Citadel Pacific is owned by the Delgado family of the Philippines and by the Ontario Teachers’ Pension Plan of Canada, one of the largest and most successful pension plans in the world, with assets over $160 billion, according to Citadel. Some of the holding company's subsidiaries are invested in Shell gas stations on Guam, telecom provider IT&E and real estate investments.
Bank of Hawaii did not disclose the amount of the sale.
The sale of the building aligns with the bank’s plans to build a new West Pacific regional headquarters in Tamuning.
The Tamuning regional location will include a new branch, the Guam Commercial Banking Center, Guam Residential Loan Center, Guam Auto Finance, an expanded call center operation and its administrative offices, the bank stated in the press release.
The construction of the bank's regional office on Guam is scheduled to start in late 2022, Bank of Hawaii stated.
Bank of Hawaii has been serving the Guam market since 1961, and its two existing branches in Hagåtña and Harmon will continue to serve the community, the bank stated.
Its new West Pacific regional headquarters will be located at Chalan San Antonio between the Personal Finance Center and the Shell gas station in Tamuning.
The new Tamuning Banking Center will be a “Branch of Tomorrow” and provide customers the conveniences of its more modern locations, such as easy-deposit ATMs, Wi-Fi and private meeting rooms, the bank stated in its release.
Citadel Pacific's holdings range from controlling stakes in companies engaged in telecommunications, retail, petroleum and gas distribution, commercial and industrial property, in-flight catering and manpower services.
As a private holding company, Citadel Pacific also has operations in the Philippines, the Republic of Palau, and the Commonwealth of the Northern Mariana Islands.