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Demesa group takes over Koreana Hotel
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Posted on Nov 13 2005
Koreana Hotel is now owned by California-based businesswoman Sedy Demesa and her associates.
Demesa’s group officially took over the hotel following the signing of the purchase agreement Thursday.
Demesa, who also owns a chain of nursing and convalescent homes in California and Nevada, said the hotel will be renamed Pacific Towers.
She declined to divulge the acquisition cost of the hotel.
When the hotel’s sale was first proposed in 1998, the price was at $2.5 million.
The 35-room, four-story hotel located near Chalan Kanoa Beach was reportedly built in 1996 for over $6 million.
In an interview on Saipan, Demesa said that she has “exciting plans” for the hotel.
“It will be renovated. We’ve got exciting plans for this hotel. It’s going to be a wonderful place to visit,” she said.
Initial plans include converting the two top floors into residential suites.
This would cater to retirees who want to settle on island.
The first floor would be a commercial area, offering among others, a café “where people could check the Internet, read their favorite books, and just relax.”
The nightclub that currently occupies a portion of the ground floor will be converted into something else.
Demesa would also build a penthouse for her and her family’s use.
Right now, Demesa said that the hotel operates as a regular hotel.
Koreana Hotel manager Charlotte Tenepere keeps her position under the new management.
“There will be major changes here. I’m glad to join the new team,” she said.
Demesa, who owns majority shares in Pleasant Care, which posts an annual gross income of $224 million, pursues nursing education and healthcare business in the CNMI.
She is also a majority owner of Aidem International, which publishes Pacific Times, a weekly publication that began circulation in the CNMI early this year.
In an earlier statement, Demesa said that her acquisition of Koreana Hotel was part of her efforts “to consolidate her local operations related to health, education and entertainment businesses.”
