‘Korean firm E-Land buys PIC Saipan, Palms Resort’

Korean firm E-Land Group has acquired Pacific Islands Club Saipan and Palms Resort Saipan for still undisclosed amounts, the Korean Herald reported yesterday, but Saipan Tribune sources said that as far as PIC Saipan is concerned, it was only a “stock purchase.”

The two hotel resorts are located on the opposite sides of Saipan—Palms Resort is in the north, while PIC is in the south. They were both built in the ‘80s.

E-Land Group is not only one of the biggest fashion and retail firms in South Korea, but also has major business interests in hotels, condominiums, and construction.

Sources said E-Land is also trying to acquire Aqua Resort Club in Achugao and other businesses on Saipan as the Korean firm continues to expand its international portfolio.

Hotel employees and businessmen have been talking about the hotel’s acquisition for days now.

Tokyo-based real estate development firm Ken Corp. acquired PIC Saipan and PIC Guam only in June 2011 from InterPacific Group Limited. Ken Corp. also acquired Aqua Resort Club in 2004.

As of now, it remains unknown if the current management and staff of PIC Saipan will be retained.

Hiroki Sugie, the current general manager of PIC Saipan, said yesterday that Ken Corp. has not made any formal announcement yet and he cannot comment on anything pertaining to any acquisition.

PIC Saipan, located in San Antonio, is one of the most popular hotels and among those with the highest occupancy in the CNMI. It boasts of 308 guest rooms and a water park, which is popular not only among tourists but also local residents.

Palms Resort Saipan, meanwhile, was acquired by United Micronesian Development Association in February 2008 but announced a major renovation in August 2010 that resulted in the hotel’s closure and layoff of its estimated 100 employees.

Palms Resort, formerly Hotel Nikko Saipan, is a 14-story, 313-room hotel across the former La Fiesta Mall in San Roque.

The Korean Herald article on E-Land’s acquisition of PIC Saipan and Palms Resort quoted an unnamed E-Land official. The article was also posted on Facebook early last night, and said E-Land declined to disclose the purchasing prices, citing a confidentiality agreement.

The same article said that E-Land will start running PIC Saipan next month when it completes the payment of “tens of billions of won.”

E-Land Group acquired Highla Condo in 2006 and Corea Condo in 2009, becoming Korea’s No. 3 in the leisure business after Daemyung and Hanwha. E-Land also took over a theme park in Daegu and a company that operates boats on the Han River.