World Resort upbeat on QC’s release

One year after its acquisition of the old Diamond Hotel in Susupe, the World Corp. is optimistic that the CNMI government would grant its application for tax incentives pursuant to the qualifying certificate program to further modernize the hotel, now known as Saipan World Resort.

Its general manager, Byung Ku Park, said demolition work within the hotel has now been completed.

“Once that [QC application] is approved, we can go ahead with the project,” Park said.

World Corp. has indicated its commitment to develop the hotel as a major tourist facility in the CNMI when it sought a 25-year extension of its land lease from the Marianas Public Lands Authority. Supposedly, the lease will expire after 2015. The hotel is now seeking QC incentives in consideration of the hotel’s $20-million expansion and improvement project.

The Investment Incentive Act of 2000 encourages economic development in the CNMI by offering tax breaks to businesses that engage in or implement a desirable project or business activity.

Eligible businesses under the law may apply and receive a qualifying certificate executed by the governor as recommended by CDA that will allow for certain tax rebates or abatements.

Although no official decision has been made yet on the hotel’s QC application, CDA executive director Mary Lou Ada earlier recognized the World Resort’s project as one that will not only help improve Saipan’s competitiveness as a tourist destination, but also boost the local economy.

World Resort demolished the old Royal Taga Hotel, considered the first modern tourist facility in the Northern Marianas after World War II, to give way to a major renovation plan that includes the construction of a modern waterpark facility. The waterpark will have water slides, a lazy pool, a separate children’s pool, a poolside bar, and an outdoor barbecue area.

The hotel had also disclosed of plans to refurbish all of the main building’s 265 guest rooms, which would be redefined with new amenities.

It also plans to construct a bigger, more spacious ballroom that can seat between 300 to 500 people. An adjoining new banquet room will also be built, along with a specialty restaurant and another buffet restaurant. The lobby will see expansive renovation, where a new coffee shop and sports bar will rise.

World Resort projects that the major renovation and expansion project could be completed by Feb. 2005.