Hong Kong-based Honest Profit International has broken ground on a $130-million, 300-room hotel in San Antonio, Saipan, reports the Saipan Tribune. Sam Chan, CEO of Honest Profit, said the hotel’s groundbreaking marks a new era of investment activity on the island, which is reportedly in need of more supply to accommodate demand.
Honest Profit said it hopes to finish the hotel in 18 to 26 months. The hotel is located north of Pacific Islands Club Saipan in San Antonio. The lease is for 25 years, with an option to extend by 15 years or a total of 40 years.
The groundbreaking comes two months after Honest Profit paid a $100,000 security deposit, a new requirement that DPL imposes among investors eyeing major developments such as hotels and golf courses.