Hong Kong-based Honest Profit International Ltd. will break ground on its $130-million, 300-room hotel in San Antonio on Saturday, more than two months after signing a lease agreement with the Department of Public Lands.<\/p>\n
Honest Profit will use the name \u201cSaipan Resort Hotel\u201d for its planned luxury hotel on 40,087 square meters of public lands.<\/p>\n
Saipan Resort Hotel is located just north of Pacific Islands Club in San Antonio.<\/p>\n
Honest Profit has invited the governor, lawmakers, and other dignitaries to the groundbreaking on Saturday at 11am.<\/p>\n
This comes two months after Honest Profit president Sam Chan paid DPL a $100,000 security deposit, a new requirement that DPL imposes among investors eyeing major developments such as hotels and golf courses.<\/p>\n
Chan earlier said they are building a 5-star hotel, which goes beyond the minimum 200-room requirement of DPL\u2019s request for proposal for the San Antonio property.<\/p>\n
The lease is for 25 years, with an option to extend by 15 years for a total of 40 years.<\/p>\n
DPL is set to sign today a lease agreement with a Macau investor planning to invest $300 million in a casino resort on Tinian.<\/p>\n
The Legislature, which held a public hearing on Tinian last night on the proposed lease, still has the final word whether to approve or reject the deal between DPL and Alter City Group Inc.<\/p>\n
The planned casino resort on Tinian will sit on a 152-hectare land. Any proposed lease of more than 5 hectares of public lands requires the Legislature\u2019s approval. <\/p>\n","protected":false},"excerpt":{"rendered":"
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