31 Mar 2008

New sales effort for American Samoa's Rainmaker Hotel

2:05 pm on 31 March 2008

The American Samoa Development Corporation is again asking for offers to buy or lease the Rainmaker Hotel property as a fall back plan in case Niu Technology Inc. doesn't pull through with its financing.

Niu Technology Inc is technically in default of its 40-year lease agreement after failing to make the first payment due in December.

Utu Abe Malae, who is the vice chair of ASDC, says the board has bent over backwards for the company, allowing it more time to get financing.

However he says they must make alternative plans and with Niu Technology Inc being in default they can ask for new offers.

Utu says that three companies: one local, one from Australia and one from the US mainland have expressed interest in the Rainmaker Hotel property.