After more than a year of negotiations, South Korean real estate mogul E Land Group has completed its purchase of Pacific Islands Club in San Antonio on Friday, sources told Saipan Tribune.
E Land or PIC has yet to issue an official statement as of yesterday afternoon, including whether it was a stock or asset purchase. Sources said the new owner is keen on retaining most, if not all, current PIC employees.
Since 2011, E Land has been negotiating with investors to buy hotels and other real estate on Saipan.
In May 2012, after months of negotiations and false alarms, United Micronesia Development Association Inc. formally announced the sale of its Micronesia Resort Inc., which owns the 14-story, 313-room Palms Resort Saipan in San Roque to E Land Park. UMDA later on said it was a $20-million asset sale.
E Land Park is one of the many companies in the E Land Group of Companies, a worldwide conglomerate engaged in fashion, hotels, condominiums, and construction, and has reported holdings of some $7 billion.
Four months later, Gov. Benigno R. Fitial announced that E-Land Group of Korea became majority owner of Coral Ocean Point.
E Land has also expressed interest in leasing some 34,000 square meters of public lands in San Antonio to build a new hotel resort.