State made 2 offers to purchase Turtle Bay

Source:  Pacific Business News

It was revealed that the State of Hawaii made two offers to purchasse the Turtle Bay resort, but both offers were rejected.

An Aug. 10 offer to brokers representing Oaktree Capital Management, the resort’s owner, was rejected, and a Nov. 25 offer expired last month without a response, the governor’s office said in a news release. Officials did not disclose the terms of the offers because the state wants to continue to negotiate, said Ted Liu, director of the state’s Department of Economic Development and Tourism.

“Under the current economic and capital markets climate the State continues to be a qualified and, we believe, a preferred purchaser,” Liu said in a statement. “We also continue to stand ready to participate in or facilitate a transaction that would preserve the majority of the land in open space.”