Uncle Billy’s Hilo Bay Hotel will remain open under a new owner, a new name and new management.

The 145-room hotel on Hilo’s Banyan Drive was recently purchased by Honolulu-based developer Peter Savio and at midnight Friday was renamed the Pagoda Hilo Bay Hotel. It will be managed by Castle Resorts & Hotels.

The announcement came on the heels of Friday’s state Board of Land and Natural Resources decision approving the transfer of the land lease under the hotel to Savio.

“For all intents and purposes, it will be business as usual at the property,” Savio said. “We don’t anticipate making any staffing changes at this time, and all reservations on the books will be honored. We also look forward to maintaining the local traditions established by Uncle Billy.”

The hotel initially was going to close Feb. 1 following more than 50 years in business. The closure would have resulted in the layoffs of 27 hotel employees and 10 store workers. The hotel received a reprieve last week after Aaron Whiting, hotel manager and grandson of William J. Kimi Jr., otherwise known as Uncle Billy, said it was in negotiations with a new operator.