The Department of Public Lands and the owner of Hyatt Regency Saipan in Garapan will be signing today, Friday, the lease agreement contract for another 40-year land lease.
Press secretary Kevin Bautista said that DPL and Saipan Portopia Hotel Corp., which owns Hyatt Regency Saipan, will hold a lease agreement renewal ceremony today, 10:45am, at Miyako Restaurant at the Hyatt Regency Saipan.
Bautista said the event will begin with a presentation of the lease agreement followed by a luncheon hosted by the Hyatt Regency Saipan.
Details of the lease agreement are expected to be disclosed at the ceremony.
Gov. Ralph DLG Torres thanked Hyatt for its continued strong partnership with the CNMI.
Torres expressed appreciation to DPL Secretary Sixto Igisomar, former DPL secretary Marianne Concepcion-Teregeyo, and Attorney General Edward Manibusan, for coming to an agreement with Hyatt on what is best for the future of the CNMI.
“I also want to thank and congratulate Hyatt general manager Nick Nishikawa and Hyatt,” the governor said.
Torres has been vocal about his support in seeing Hyatt get the lease extension.
Hyatt’s 40-year public land lease will expire in December 2021. The land lease of Fiesta Resort & Spa, which is adjacent to Hyatt, is supposed to expire in June 2021, but it got a new 40-year lease.
The enactment of Public Law 20-84 increases the terms of public land leases up to 40 years, plus an extension of 15 years, for a total of 55 years. The law also authorized certain public land leases to be amended and extend existing lease terms up to 55 years.
The law gives DPL the authority to negotiate new public land leases to certain existing lessees under new terms and considerations even without publishing a request for proposal.