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Investor group to test NMI market with B&B business
A group of investors that is said to own several hotels in China is working to open a bed-and-breakfast business on Saipan to “test the CNMI market.”
Wing Piu Billy Lam disclosed in an interview Monday night that he is representing American Huasheng Trade Co. that has acquired a two-story building along Tasi Drive in Dandan.
The residential building currently has six bedroom units and Lam said American Huasheng is investing $35,000 to convert it into a bed-and-breakfast establishment.
American Huasheng has applied for a permit with the Zoning Office to operate the bed-and-breakfast establishment. The Zoning Board will conduct a public hearing about the company’s application tomorrow, Thursday, at 5pm at the Pedro P. Tenorio Multi-Purpose Center in Susupe.
It is the company’s first investment in the CNMI. If successful, Lam said the company wants to build a hotel on Saipan.
He said the company is composed of investors from China and their target markets are Chinese, Korean, and Japanese tourists.
Lam conceded that many investors are concerned about what they have heard about the CNMI economy after Super Typhoon Yutu’s destruction last October, as well as the lack of a ready labor force.
“Before, it was easy to build something because there were a lot of workers. Before, it was easy to get visa investors for 10 years,” Lam said.
He hopes the CNMI government would help investors and improve the economy by informing U.S. Citizenship and Immigration Services that the lack of CW-1 workers is badly affecting businesses.
“Many investors see empty establishments on the island,” Lam pointed out.
