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The Guam Economic Development Authority approved a $5 million investment in the ongoing renovation of the Aquarium of Guam, while the new owner of the Pacific Star Resort and Spa property is seeking tax breaks through GEDA’s qualifying certificate program for a $100 million planned investment. GEDA business and development manager Edward Camacho gave the board these updates during their meeting on Thursday afternoon. The $5 million for the aquarium is part of GEDA’s venture capital Destinu Guåhan program, under the State Small Business Credit Initiative. GEDA in February said it had $10 million in venture capital funding under the SSBCI, a nationwide program of the U.S. Department of the Treasury. Renovation of the aquarium in Tumon is expected to be completed in 18 months, Camacho said. GEDA’s venture capital program invested the initial $1 million to two Guam businesses: an investment of $786,450 for a 49% ownership stake in Vertical Industries for an indoor agriculture hydroponic aeroponic venture; andan investment of $245,000 for a 49% ownership stake in Fish Eye Marine Ventures Inc. Fish Eye Marine Ventures diversified its existing product offering by resurrecting Seawalker, an innovative underwater helmet diving experience located at Fish Eye Marine Park, according to GEDA. GEDA Board Chairwoman Siska Hutapea mentioned the $245,000 investment during Thursday’s board meeting. “This is really helpful because it will help our tourism industry,” she said. Aquarium of Guam, through its iconic 319-foot-long acrylic tunnel, is one of the longest of its kind in the world and has become one of the most popular attractions for tourists and residents on the island. It temporarily closed on Oct. 1 for its multimillion-dollar renovation and said it plans to reopen during the second half of 2026. In a previous news release, it said this refurbishment represents the largest single investment in the aquarium in more than 26 years, underscoring its importance to Guam’s visitor economy, lifelong education, and support for aquatic environments. $100M investment on Guam Meanwhile, Georgia-based Eastern Contractors Corp., the new owner of the Pacific Star property in Tumon, is looking to get tax benefits through GEDA’s qualifying certificate program. Incentives offered by the program include a 75% rebate of corporate income tax for up to 20 years, 75% rebate of corporate dividends tax for up to five years, and up to 100% abatement of real property tax for up to 10 years. Eastern Contractors Corp. bought the hotel through a locally formed entity, Cartium Enterprise LLC. The company invested $40 million to buy the hotel and will put $60 million for renovation, Camacho told the board. The total investment is about $100 million and GEDA is expected to meet with the company’s chief financial officer on Friday, he said. This comes five months after District Court of Guam Chief Judge Frances Tydingco-Gatewood approved the $33 million sale of the hotel in May. Eastern Contractors Corp. agreed in February to the $33 million purchase agreement for Pacific Star, whose previous owner Marianas Properties LLC declared bankruptcy in September 2024. That was the eve of a foreclosure on the hotel. The hotel has since remained closed.
