A new investment group led by Pacific Asian Developments, a hotel and resort development corporation registered in the Bahamas, is planning to build a 15-story, five-star hotel across from the Agat Marina in Guam for an estimated $45 million.
The group recently purchased 22,500 square meters of land, 5,000 square meters of which has been allocated for the Sirena Grand Hotel.
The Sirena will be built under a turnkey agreement with China State Engineering and Construction Corp., China’s largest construction company.
PADL has an ongoing luxury resort development on Carabao Island, next to the resort island of Boracay in the Philippines, in a partnership with a major China-based hotel corporation. PADL’s Philippine resort project is in partnership with the Plateno Group, which also is a potential partner in the Guam hotel plan, David F. Jacka, the British chief executive officer of PADL, told Pacific Daily News.