Two more top golf resorts on Guam have been sold to a Korean investor.
The Onward Mangilao Golf Club and Onward Talofofo Golf Club have been acquired by Korea’s largest hotel and resort company, the Sono Hospitality Group.
The company announced in a press release to Korean media on March 4 that it had formally signed an acquisition agreement with the previous owner, Onward Golf Resort Guam Inc., a Japanese company.
Speculation about the sale had been circulating on Guam for weeks.
An employee at one of the golf courses confirmed with The Guam Daily Post on Monday that the resorts have been renamed the Sono Felice Country Club Guam Mangilao and the Sono Felice Country Club Guam Talofofo.
“It’s definitely a vote of confidence in Guam tourism by a strong player in Korea,” said Siska Hutapea, founder and president of Cornerstone Valuation, a Guam-based real estate research, valuation and consulting company.
Korean media also reported that Sono has also acquired controlling interest in Korean low-cost airline T’Way Air.
“It can definitely bring more seats and, in turn, increase arrivals on Guam,” Hutapea said.
The company said it also plans to create synergy by integrating its golf courses with T’way Air’s seven weekly flights to Guam, developing package deals, and exploring the potential for on-site golf lodging facilities.
Hutapea said Sono’s move is an example of a classic quote by legendary American investor Warren Buffett: “Be greedy when others are fearful.”
“Current Guam tourism is way below our peak, and this is the best time for investors to buy, build, renovate and be ready when the market picks up,” Hutapea said.
Mangilao and Talo’fo’fo’ are the second and third golf courses on Guam to be acquired by a Korean company in less than six months.
The former Starts Guam Golf Resort in Dededo was bought in October by development company Goldwater Korea for a reported $24 million and was rebranded as Finest Guam Golf & Resort.
The purchase price for the two golf resorts was not publicly announced, and Hutapea said the transaction had not yet been recorded on Guam as of Feb. 28.
According to Korean media reports, this is the first time Sono Hospitality Group has directly operated a golf course overseas. The group runs three golf courses in South Korea and manages Sono Felice Hai Phong CC in Vietnam under a consignment agreement.
