25 Sep 2014

US$130m resort project in CNMI to start

2:04 pm on 25 September 2014

A Hong Kong-based company will break ground on its 130-million US dollar resort on Saipan this Saturday.

Honest Profit International Ltd. will use the name 'Saipan Resort Hotel' for its planned luxury hotel on more than 40,000 square meters of public lands located in San Antonio.

It comes more than two months after Honest Profit signed a lease agreement with the Department of Public Lands.

Honest Profit is building a five-star, 300-room hotel that goes beyond the minimum 200-room requirement of the department's request for proposals on the San Antonio property.

It has paid the department a 100,000 US dollar security deposit, a new requirement the department imposes on investors eyeing major developments.