Majority shares of the Hafa Adai Hotel have been sold to U.S.-based investment group Morgan Stanley, through a group called Marianas Holdings LCC.<\/p>\n
Kinki Nippon Tourist Co., which holds majority shares of the hotel, sent a notice yesterday to its Saipan-based partners confirming that its shares would now belong to Marianas Holdings LCC.<\/p>\n
A Nikkei Net Interactive report dated Sept. 23, 2004, said that Kinki Nippon Tourist Co., a major travel agency in Japan, would sell two hotel companies: Hafa Adai Hotel and Hotel Sunflower Saporro, as well as its Tokyo-based real estate leasing firm, to Morgan Stanley for a total of Y4.2 billion yen.<\/p>\n
The report said that the travel agency aims to liquidate \u201cthe real estate leasing company in Tokyo and withdraw from overseas hotel operations by selling its Saipan hotel.\u201d <\/p>\n
The travel agency expects to incur a Y13 billion yen loss by end of December 2004. The loss, however, would be partially offset \u201cby profit from the sale of a travel operation for seniors,\u201d Nikkei Net quoted a company spokesperson as saying.<\/p>\n
Meantime, the Tenorio and Guerrero families, who control the \u201cminority\u201d shares of the hotel, have expressed disappointment over the news.<\/p>\n
Brenda Tenorio, the authorized spokesperson of the families, said no prior consultation was made on the sale. <\/p>\n
\u201cWe\u2019re not happy about this. We\u2019re extremely disappointed,\u201d Tenorio said.<\/p>\n
She admitted that changes in the corporate representation of the hotel have made the partnership \u201cdifficult.\u201d<\/p>\n
\u201cIt\u2019s been a long-time business relationship and over the years, the corporate representatives have changed. This has had an impact on the relationship,\u201d she said.<\/p>\n
Tenorio cautioned \u201cothers similarly situated to be mindful [of corporate changes].\u201d \u201cIt\u2019s very important,\u201d she said.<\/p>\n
Another member of the Tenorio-Guerrero clan said that while corporate representatives have changed, the management of the hotel \u201cregrettably remained the same\u2014they are not doing well.\u201d<\/p>\n
A family member also said that they are looking into selling their local shares. \u201cWe have been diligently negotiating to sell our interests,\u201d said a local shareholder.<\/p>\n
The local partners are composed, among others, by the Joeten family, Juan S. Santiago, Guerrero siblings led by Juan Pan T. Guerrero, and others.<\/p>\n
Hafa Adai, is one of the first hotels built on Saipan. It was originally located on Navy Hill and relocated to Beach Road about 30 years ago.<\/p>\n
The hotel, which has become one of the tallest, if not the tallest, building on island, used to operate as a wooden bungalow.<\/p>\n
\u201cThe entire family was involved [in the hotel business] since the beginning,\u201d said Tenorio.<\/p>\n
Hafa Adai president Mitsuhiro Fukuda could not be reached for comment as of press time.<\/p>\n","protected":false},"excerpt":{"rendered":"
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