Previous Story
E Land pursues Marpi hotel project
South Korea giant E Land’s Micronesia Resort Inc. has accepted the Department of Public Land’s June 5 offer to develop almost 10 hectares of public lands in Marpi. E Land plans to build a 700-room hotel worth more than $100 million in the area that’s adjacent to its other property, the former The Palms Resort that will be reopened under the global brand Sheraton.
DPL Secretary Pete A. Tenorio’s office received the letter from E Land yesterday, nearly seven weeks since the department offered the property through a formal letter to MRI chief operating officer Tae Ho Kim.
The Tan Holdings and Sunshine 100 joint venture withdrew interest from leasing the Marpi public land after it decided to develop a private land instead, also in Marpi.
The joint venture said their decision will free up limited public land so that another investor can also come in and develop the property, leading to two instead of only one new hotel project in Marpi.
The Tan Holdings and Sunshine 100 joint venture earlier planned to build a $133-million, 544-room hotel on this public land where E Land’s MRI plans to build its latest project.
DPL issued a request for proposals to lease two adjacent lots in Marpi totaling 99,005 square meters. Tan Holdings won the bid, while E Land’s MRI came in second.
Tenorio said the options they considered were to offer the public land to E Land’s MRI as the second best winner, offer it to Honest Profit as the third best winner should E Land decline the offer, issue another RFP or allow the land to sit idle for now.
E Land’s Micronesia Resort Inc. already owns three hotels on Saipan, including Pacific Islands Club, Coral Ocean Point, and the former The Palms Resort.
