CDA wants it sold for $750,000 — 10 percent deposit and the remaining balance to be paid in two or three years.
In an interview, CDA acting Executive Director Oscar Camacho said they received “submissions” from bidders and made a counter offer.
He refused to disclose the figures and terms, citing the confidentiality of the bidders’ records.
CDA wants a bidder who shows a “strong commitment,” he said.
“If no offer is acceptable, CDA will control, operate, and manage the facility,” Camacho said. “We have two options: lease it out as office spaces or operate it as a hotel itself.”
It will be cheaper, he added, to offer the facility’s office spaces for rent.
The renovation will cost from $30,000 to $50,000, Camacho said.
Two CDA personnel were on Rota last week to assess the maintenance needed by the facility.
Formerly owned by Rep. Victor B. Hocog, Ind.-Rota, the property is on the main road in Sonton village and is the only beach front hotel on the island with 14 rooms and total land area of 6,421 square meters.
It was foreclosed in 2001.
The property was originally valued at $1.2 million and had a debt of more than $1 million to CDA.
