11 Jul 2014

Investor reaches land deal with CNMI Govt

2:27 pm on 11 July 2014

The Northern Marianas government has entered into a lease agreement with Hong Kong-based Honest Profit International Ltd., which plans to build a 130 million US dollar, 300-room hotel.

Under the deal, the CNMI Department of Public Lands will lease 4 hectares of land in San Antonio to the company for 25 years.

Bird Island, Commonwealth of the Northern Marianas.

Bird Island, Commonwealth of the Northern Marianas. Photo: RNZI / Mark Rabago

The company says it will build a 5-star hotel and expects to go beyond the minimum 200-room requirement expected by the department.

The hotel construction and other improvements should be done by the end of 2018.

The development comes at a time when Saipan needs additional guest rooms to accommodate a growing number of tourists.