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UMDA: Palms Resort not sold yet
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Posted on Feb 09 2012
The United Micronesian Development Association’s board chairman, Joe Lifoifoi, denied yesterday a report that came out in a Korean newspaper that Palms Resort Saipan had been sold to a Korean company.
He admitted that the hotel is for sale but clarified that no formal transaction has occurred to date. He said “negotiations are ongoing” with potential buyers, one of which is Korea-based E-Land Group.
Lifoifoi refused to disclose the price tag for the UMDA-owned hotel, saying nothing has been finalized yet.
The Korean Herald reported early last month that E-Land has bought for an undisclosed sum two hotel resorts on Saipan: the Palms Resort Saipan and the Pacific Islands Club.
E-Land Group is reportedly one of the biggest fashion and retail firms in South Korea and has major business interests in hotels, condominiums, and construction.
Known as the former Nikko Hotel, Palms Resort is a 14-story, 313-room hotel across the former La Fiesta Mall in San Roque. UMDA acquired it in February 2008 for $3 million and renamed it Palms Resort. In 2010, it announced major renovation plans that resulted in the layoff of its more than 100 employees.
