The Onward Beach Hotel has been sold to Japanese luxury hotel operator Hoshino Resorts. That’s according to an article in Japan’s Nikkei newspaper, which reported that the property sold for 8.5 billion Yen, or about $73 million in stock shares and receivables.

Onward, which opened the 428-room hotel on Agana Bay in 1992, cited the impact of the coronavirus pandemic for the sale. Onward will continue to operate two golf courses on Guam, the Mangilao Golf Course and the Talofofo Golf Resort. 

Meanwhile according to its website, Hoshino Resorts is a closely held family-run business established in 1914. It says it’s focus is on a high level of Japanese-style hospitality and operates more than 40 luxury resorts both in and outside of Japan.

Guam visitors Bureau president Carl Gutierrez issued a statement reading, "We admire the bullishness of hoshino resorts and welcome their decision to invest in our island, especially during a time like this. We look forward to working with them further to reinvigorate Destination Guam."