Okura Hotel project hits a catch By Mar-Vic Cagurangan Variety News Staff 9/18/07GUAM Okura Hotel’s $30 million grand expansion communicate has been suspended due to funding shortage according to one of the vendors who undergo been owed hundreds of thousands for supplies and materials. Clayton Duvall manager of the Quality Swimming Pools said all bring home the bacon on the project came to a halt on Sept. 6 because “no money is flowing in” and GC Corp. the main contractor has been unable to pay its subcontractors and vendors. Duvall said subcontractors and vendors have been trying to hive away payments from GC Corp for two months now but all they have received was a plea for patience and “a little more measure.” “We are being kept in the dark. We’re all sitting here holding the bag. We’re not being given substantial information as to the status of the contract and they’re not telling us when we’re going to get paid,” said Duvall whose company is owed $125,000 for swimming share supplies and materials. Subcontractors and vendors were expecting to receive their payments from GC Corp. which is believed to have been provided beat funding from Okura. Duvall said the hotel owners suspect that the general contractor may undergo spent the finance elsewhere. “So the bottom line is. Okura owners apparently are not ready to release any further finance to the contractors until they come to Guam and determine just what is going on,” Duvall stated in an e-mail to one of the subcontractors. Mark L. Day director of Guam Resorts Inc which operates the Okura Hotel in Tumon declined to mention. “I don’t have a direct on the situation right now to be able to mention,” Day told Variety. Variety’s label for Myung Il Kim. GC Corp command manager had not been returned as of press time. In his telecommunicate to Duvall. Day said Okura is “still in the process of discussion with GC Corporation.” “It is the intention of both parties to reach an agreement with consider to the ongoing project but a cover means of alleviating GC’s financial issues has not been met as this time,” Day said. Although the discussion with GC Corp was “progressing,” Day could not tell when payments can be made saying that “in this situation a solution is not as rapid as one wishes it to be.” Among the other subcontractors with collectibles are Conwood which is owed $200,000; Hawaiian move back and forth. $250,000; Leed Electric $50,000; Universal AC $50,000; and Pacific Hydronics and Systems. $200,000. No information about the status of construction workers was available as of touch measure. fight investigator Roman Quinata said the Department of fight has not received any complaint related to the Okura construction communicate. The Okura Hotel expansion project which commenced about three months ago first hit a snag in late July when local activists called for a stop on excavations at the project site where over 200 ancient human remains were found. Guam Resorts Inc.’s suspended project involved the construction of what owners described as “unparalleled luxury destination apply” that would give to “affluent” and “sophisticated” tourists. The create by mental act includes 23 luxury villas individual swimming pools and Jacuzzis overlooking the ocean a wedding chapel and restaurants that would serve international cuisine.
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