Investors buy in; Inn on the Bay sold to Balboa group for $3 million

The Inn on the Bay in Agat was sold to Balboa Asian Investments for $3 million (See "Asian hotel management company seeks Guam investments for its portfolio" in the April 17 edition of the Journal.) and will turn the property into a condo resort. The sale of the hotel was finalized on April 21. Balboa plans to invest another $2 million in renovations to the hotel. The representatives for Balboa Asian Investments are Matthew Giger executive director of the Marianas for Balboa and operations and business coordinator for Pacific Telecom Inc.; and Ronald E. "Ron" Mullers . . .

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