A Hong Kong investor is proposing to build an estimated $30 million hotel resort in San Antonio and is expected to soon finalize talks with the Department of Public Lands on the monthly rental under an initial 25-year land lease.
Public Lands Secretary Oscar M. Babauta said yesterday that the proposed hotel will have 254 to 300 rooms.
œIts going to be a huge hotel, Babauta told Saipan Tribune, when questioned about an update on the Hong Kong investor which earlier expressed interest in building a new hotel resort on 5 hectares of public lands north of the Pacific Islands Club in San Antonio.
But he said he does not want to speculate on the reason behind the new investors investment proposal on Saipan, at a time when the economy is down and many hotels have only few rooms filled up with tourists.
œThey said they have been eyeing the CNMI in the past two years, Babauta added.
Babauta said the Hong Kong investors identity will be named when it completes negotiation with DPL on a œcomfortable rental rate in œtwo to three weeks.
The investor is looking at an initial 25-year land lease.
Babauta, a former House speaker, said the investor is œaggressive on the project, which will be on the same area where a Korean investor, KSA Corp., previously proposed to build a hotel with villas and condotels.
KSA Corp.s project did not materialize because of its failure to submit a business plot detailing the companys recovery proposal, source of funds to finance the project, and an architectural engineers rendering of the proposed project, resulting in DPLs termination of the public land lease in June 2008.
Babauta said investors like the one from Hong Kong will help boost the sagging CNMI economy, and hopes that once the land lease agreement is finalized, the project will be able to get off the ground.
DPL is tasked with managing leases of public lands on behalf of people of Northern Marianas descent.
After deducting administrative costs from the collected fees, DPL transfers the balance to the Marianas Public Land Trust, which then invests the money. Income earned from those investments is transferred to the general fund for appropriation by the Legislature.
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