StorQuest Self Storage of Kapolei, Hawaii, formerly known as Aloha Island Self Storage, is facing a $10.4 million foreclosure lawsuit.
According to the suit filed Feb. 22 by Bank of Hawaii, the owner of the company failed to make monthly principal payments of $100,000 that were due on Aug. 1, Sept. 1 and Oct. 1, 2009. As of Feb. 17, the owner owed $10.4 million. That does not include the interest accruing at $5,050 per day as of the filing date.
Though the facility is managed by StorQuest Self Storage and carries the brand name, it is not owned by StorQuest.
StorQuest operates six self-storage facilities on the island of Oahu: three in Honolulu and one each in Kapolei, Wahiawa and Waipahu.
Source: Pacific Business News, Self-storage firm faces $10.4M foreclosure suit