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DPL, Hyatt to meet over expiring land lease
DPL has yet to start official negotiations due to pending docs
File photo shows the entrance to the Hyatt Regency Saipan in Garapan. (BEA CABRERA)
Due to some pending documents, the Department of Public Lands has yet to officially start negotiations with Hyatt Regency Saipan about its expiring land lease, but a meeting has been set this week to lay the groundwork for negotiations.
In response to Saipan Tribune’s request for an update about Hyatt’s lease negotiations, Deveney Dela Cruz, special assistant to DPL Secretary Marianne Teregeyo-Concepcion, said that, according to their Real Estate Division director Bonnie Royal, they are still waiting on certain requirements from Hyatt, which are necessary to start negotiations.
Dela Cruz confirmed, though, that DPL and Hyatt will have a meeting tomorrow, Thursday. The meeting is not open to the public.
Dela Cruz recently disclosed that they already received an official proposal packet from Hyatt regarding their public land lease.
Dela Cruz said that in order for DPL to start the negotiation process for a new matured lease agreement, they must first receive an official proposal from the current lessee.
She said DPL only received an official proposal packet from Hyatt’s current lessee, Saipan Portopia Hotel Corp., last Oct 20, but the package was incomplete.
Gov. Ralph DLG Torres earlier said that he would like to see Hyatt get the lease extension.
Hyatt’s 40-year public land lease will expire in December 2021. The land lease of Fiesta Resort & Spa Saipan, which is located adjacent to Hyatt, is supposed to expire in June 2021, but it just got a new 40-year lease.
The recent enactment of Public Law 20-84 increases the terms of public land leases for up to 40 years, plus an extension of 15 years, for a total of 55 years. It also authorizes certain public land leases to be amended and extend existing lease terms up to 55 years.
