Ownership of an iconic building in Hagåtna has changed hands.
Bank of Hawaii has sold its Hagåtna building to the real estate investment arm of Citadel Pacific Ltd., the bank said in a statement on Thursday.
Citadel Pacific is owned by the Delgado family of the Philippines and the Ontario Teachers’ Pension Plan of Canada, one of the largest and most successful pension plans in the world, with assets of over 160 billion dollars, according to Citadel. Some subsidiaries of the holding company are invested in Shell gas stations in Guam, an IT&E telecommunications provider 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 site will include a new branch, Guam Commercial Banking Center, Guam Residential Lending Center, Guam Auto Finance, an expanded call center and its administrative offices, the bank said in the press release.
Construction of the bank’s regional office in Guam is expected to begin in late 2022, Bank of Hawaii said.
Bank of Hawaii has served the Guam market since 1961, and its two existing branches in Hagåtña and Harmon will continue to serve the community, the bank said.
Its new regional headquarters for the West Pacific will be located in Chalan San Antonio between the Personal Finance Center and the Shell gas station in Tamuning.
Tamuning’s new banking center will be a “branch of tomorrow” and will provide customers with the amenities of its more modern locations, such as easy-to-deposit ATMs, Wi-Fi and private meeting rooms, the bank said in his press release.
Citadel Pacific’s interests range from controlling interests in companies active in telecommunications, retail, oil and gas distribution, commercial and industrial property, in-flight catering and labor 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.