The HTH Corp. has sold the 46-year-old, 359-room Pagoda Hotel and Floating Restaurant to developer Peter Savio, the company said today in a news release.

Terms of the deal were not disclosed, but HTH had listed the property for $15 million.

“Pagoda Management Services, LLC., an affiliate of Aqua Hotels and Resorts has been retained by Peter Savio to manage the property and is expected to infuse the hotel and dining facilities with state-of-the-art technology and upgrades to further enhance guest experience, while maintaining the property’s distinct charm. Aqua and Savio will conduct Informational meetings with the employees next week,” the news release said.

"We are excited about the future of the Pagoda Hotel and Restaurants," said Savio in the release. "We know many island families have fond memories of time spent at the Pagoda, including Sunday morning brunches, private teahouse parties and full-scale celebrations in the property’s numerous banquet facilities. We intend to continue making these opportunities available and will enhance them in exciting ways," he said. "We especially look forward to continue hosting of the thousands of neighbor islanders who call the Pagoda their home when on Oahu."

Confirmed reservations will remain in place, guests need not call to verify their status, the release said.

HTH Corp. also owns the Pacific Beach Hotel. HTH was founded in 1975 to consolidate the businesses owned by the late Herbert T. Hayashi who died in 2005.