New $130M hotel on Saipan breaks ground

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.

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Hotel Optimization Part 3 | January 27, 2021

With 2020 behind us and widespread vaccine distribution on the horizon, the second half of the new year is looking up, but for Q1 (and most likely well into Q2) we’re very much still in the thick of what has undeniably been the lowest point of the pandemic. What can you be doing now to power through and set yourself up for a prosperous 2021 and beyond? Join us at Part 3 of Hotel Optimization – A Virtual Event on January 27 from 10am – 1:05pm ET for expert panels focused on getting you back to profitability.