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UMDA still owns Palms Resort Saipan; renovation on schedule
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Posted on Aug 14 2011
United Micronesian Development Association chair Jose Lifoifoi and the association’s legal counsel, Robert Torres, said Friday that Palms Resort Saipan remains the property of the company and has never been sold.
The two made the statements in reaction to rumors that a large Korean firm—E Land—has recently acquired the hotel.
Torres told Saipan Tribune that Palm Resort’s major renovation is still being pursued according to plan.
UMDA acquired Palms Resort, formerly Hotel Nikko Saipan, in February 2008. The facility is a 14-story, 313-room hotel located in San Roque.
In August last year, the company announced its major renovation plans that resulted to the closure and laying off of all its personnel. The hotel used to employ over 100 staff.
Torres admitted that although many companies have approached UMDA about possible investment in the hotel, the company has not made any decision of selling the property. He declined to name the interested companies and their investments when pressed.
If there’s any changes in the company’s plans for the hotel, Torres assured that the association will make a formal announcement.
Lifoifoi early this year admitted to Saipan Tribune that UMDA acquired the hotel for $3 million and invested on it on renovations.
He revealed that the property may sell for over $10 million or $15 million. UMDA, he earlier said, is also considering to enter into a joint venture with investors.
