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$130M hotel to break ground in San Antonio Saturday
Hong Kong-based Honest Profit International Ltd. will break ground on its $130-million, 300-room hotel in San Antonio on Saturday, more than two months after signing a lease agreement with the Department of Public Lands.
Honest Profit will use the name “Saipan Resort Hotel” for its planned luxury hotel on 40,087 square meters of public lands.
Saipan Resort Hotel is located just north of Pacific Islands Club in San Antonio.
Honest Profit has invited the governor, lawmakers, and other dignitaries to the groundbreaking on Saturday at 11am.
This comes two months after Honest Profit president Sam Chan paid DPL a $100,000 security deposit, a new requirement that DPL imposes among investors eyeing major developments such as hotels and golf courses.
Chan earlier said they are building a 5-star hotel, which goes beyond the minimum 200-room requirement of DPL’s request for proposal for the San Antonio property.
The lease is for 25 years, with an option to extend by 15 years for a total of 40 years.
DPL is set to sign today a lease agreement with a Macau investor planning to invest $300 million in a casino resort on Tinian.
The Legislature, which held a public hearing on Tinian last night on the proposed lease, still has the final word whether to approve or reject the deal between DPL and Alter City Group Inc.
The planned casino resort on Tinian will sit on a 152-hectare land. Any proposed lease of more than 5 hectares of public lands requires the Legislature’s approval.
