An unfinished castle-shaped hotel near the Francisco C. Ada Saipan International Airport will have another chance at completion after a Korean group of investors called PDI Capital Group Ltd. bought it from its previous owners.
A simple ceremony will be held at the hotel site on Friday for the new owners to present their project plans, Saipan-based representatives of PDI Capital said yesterday.
The hotel will be renamed “Forest Hill Hotel,” and will maintain its castle shape.
The first phase of the two-phase project, estimated at $10 million, includes completing the construction of the hotel, which will have over 70 rooms and will include a swimming pool. It sits on a private land. Construction is expected to begin in July.
The hotel's construction was put to a screeching halt reportedly because of funding issues.
With hotel occupancy reaching record high in years, the CNMI's tourism industry is in need of additional hotel rooms and “Forest Hill Hotel's” completion could help meet that need.