{"id":415398,"date":"2024-10-23T14:00:00","date_gmt":"2024-10-23T14:00:00","guid":{"rendered":"https:\/\/www.saipantribune.com\/?p=415398"},"modified":"-0001-11-30T00:00:00","modified_gmt":"-0001-11-29T14:00:00","slug":"MB-Capital-LLC-chooses-Sheraton","status":"publish","type":"post","link":"https:\/\/www.saipantribune.com\/index.php\/MB-Capital-LLC-chooses-Sheraton\/","title":{"rendered":"MB Capital LLC chooses Sheraton"},"content":{"rendered":"

After nearly four months since the Hyatt Regency Saipan property closed its doors following over 40 years of service, the property is back in operation under a new name: Sheraton.<\/p>\n

MB Capital LLC, the new operator of the former Hyatt Regency Saipan, officially announced that the property has been rebranded under the Marriot brand and is now a Sheraton.<\/p>\n

David Hood, president of MB Capital, led the unveiling and he was joined by his general manager Gloria Cavanagh, members of the Legislature, Gov. Arnold I. Palacios, Lt. Gov. David M. Apatang, tourism stakeholders, and members of the Saipan community.<\/p>\n

In an interview with Hood following the unveiling, he excitedly shared that after months of pondering between the Hilton brand and Marriot\u2019s Sheraton, MB Capital finally made a decision this month and signed a memorandum of understanding with Sheraton this week.<\/p>\n

Now, the CNMI\u2019s first Sheraton hotel is expected to open its doors to the public come Nov. 25.<\/p>\n

\u201cHonestly, they both were top notch. It was a very difficult decision. We could have made the decision a month ago, but we just kept looking at all the specifics and I just think the Sheraton is a better fit for the CNMI. The Sheraton was super excited about the property, so their enthusiasm was just off the charts and that made a big difference for me, because that\u2019s how I feel too,\u201d he said.<\/p>\n

\u201cWe\u2019re going to try to open on Nov. 25, in time for Thanksgiving. We\u2019ll only be opening the Regency Club for now, but it will not be called the Regency Club anymore, maybe the Royalty Club or something like that. It\u2019ll have the same format,\u201d he said.<\/p>\n

As for renovations, Hood expressed that will be later into the future.<\/p>\n

\u201cSo the renovations won\u2019t start until probably next year because we still have to go through a plan revision. There\u2019s no plans for the renovation yet. So, we have to go through all that process. that would probably be toward the end of the year 2025 or 2026, but we\u2019ll still be open,\u201d he shared.<\/p>\n

Meanwhile, Hood also excitedly shared that MB Capital has opened back up the popular Miyako restaurant and it has been well received by the community.<\/p>\n

\u201cWe\u2019ve been open now for four days and it\u2019s been full. People are super excited. We brought in some fresh salmon from Norway, so people are super excited about that, just by itself. It\u2019s fun to watch. I\u2019m excited to be here. Welcome back, CNMI, and we look forward to seeing everybody here,\u201d said Hood.<\/p>\n

In a statement from Palacios, he shared that he is elated that the former Hyatt Regency will be back in operation under the Sheraton brand.<\/p>\n

\u201cI\u2019m elated and I think everyone else is elated and relieved that we are going to get a [new] brand. Everybody was kind of depressed when Hyatt walked out of here, but it\u2019s a new day and this is a new group of people that that we know, we have confidence in, and we\u2019re going to make things work for this community,\u201d he said.<\/p>\n

Palacios added that his administration will do its best to support MB Capital and the new Sheraton hotel.<\/p>\n

\u201cWe have Mr. Hood and I know he\u2019s got a team and their hearts are committed to the Commonwealth [as] these folks are from the Commonwealth. So, we believe that they\u2019re going to give it their best and the government will be with them throughout whether it\u2019s helping with marketing or whether it\u2019s helping with incentives. We will really try to make this work for us,\u201d he said.<\/p>\n

\u201cThis hotel was iconic for the Commonwealth, so when Hyatt decided to leave, it was like a punch in the gut for everybody, including myself. I lost a lot of sleep thinking about this and what\u2019s going to come next but we were patient. I had confidence that we were going to get something done and I\u2019m glad that we got it done sooner rather than later. Dave and the team are right on top of it,\u201d Palacios added.<\/p>\n

Marianas Visitors Authority managing director Chris Concepcion also shared that the MVA is very excited with the announcement by MB Capital of the Sheraton brand\u2019s entry into the CNMI.<\/p>\n

\u201cTheir acquisition of the former Hyatt Regency and quick action in finding an alternative brand to take over is commendable. The Sheraton is part of the Premium line of hotels in the larger Marriott International group, the largest hotel company in the world by number of rooms. The Marriott\u2019s loyalty program, Marriott BonVoy, has roughly 200 million members worldwide, a tremendously valuable network for our tourism industry as Saipan and the Marianas will be advertised globally simply by having this brand on our shores. We congratulate the owners and the Sheraton brand on this momentous occasion. This bodes well for the future of the CNMI tourism industry,\u201d he said.<\/p>\n

<\/p>\n

MB Capital LLC president David Hood led the unveiling of the new Sheraton Hotel Saipan and he was joined by his general manager Gloria Cavanagh, members of the Legislature, Gov. Arnold I. Palacios, Lt. Gov. David M. Apatang, tourism stakeholders, and members of the Saipan community.<\/p>\n

-OFFICE OF THE CNMI GOVERNOR
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