During the most depressed tourism market in decades for Guam, we saw the opportunity for recovery three years before others did. Over 100 rooms remained damaged from typhoons. We negotiated the purchase at $29 million from its owner, Hilton International, who had invested over $200 million during the prior decade. Guam Hilton was their single largest hotel investment in the world at that time. We negotiated terms for Hilton to remain the flagship manager of the Resort.

We raised $45 million from a US private equity fund and a major Japanese bank lender for the acquisition and renovation. This was the first major investment in Guam by a US private equity fund, and it was due to our ability to persuade them of the merits of this project. Our renovation plan was executed, and the hotel sold for $75 million within three years.

Pacific Island magazine was so impressed by Alchemy Resort’s David Wickline and his investment strategy which led the Guam economic recovery, that it named him “One Of the 25 Most Influential People” in Asia Pacific. Read Less

The Guam tourism market in 2004 remained depressed due to typhoons, the SARS epidemic, and an economic recession in its main tourist markets of Japan and Korea. Many “experts” said Guam tourism would not recover and many of the major hotels needed renovations to be attractive again, including the Hilton. Japanese investors were wary, so we pivoted to find US equity investors and convinced them to see the opportunity. Within two years the Guam market recovered, and our Hilton purchase marked the strong comeback for resort investment in Guam. Japanese investors then flocked to Guam, which encouraged a surge of hotel purchases. Our early call and investment there was the catalyst for the resurrection of this market. Read Less