22 Jun 2011

Company to build 60 million US dollar resort on CNMI's Saipan

10:28 am on 22 June 2011

A company in the Northern Mariana Islands is looking to invest 60 million US dollars to construct a seven-story, five star hotel in the northern part of Saipan.

Island Ventures LLC is wanting to build a resort on public land in San Roque.

The development is being welcomed by the cash-strapped CNMI government, which over the past year has repeatedly missed payroll, unable to pay its utilities in time, and is behind in vendor payments.

The the Department of Public Lands has already issued the company a one-year temporary authorization to enter the premises and begin preliminary work.

Island Ventures and DPL are reportedly negotiating a 25-year lease agreement that will need to be approved by the CNMI Legislature's approval.