SAIPAN GRAND HOTEL SOLD TO CNMI INVESTOR

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SAIPAN, CNMI (Saipan Tribune, Jan. 6) – Micro Pacific Development Inc. confirmed yesterday that an agreement has been reached for the sale of the 224-room Saipan Grand Hotel to Asia Pacific Hotels, Inc. (APHI).

An affiliate of Tan Holdings Corp., APHI is a regional hotel group, which also owns and operates the Dai-ichi Hotel Saipan Beach and the Guam Dai-ichi Hotel.

One of the pioneers in Saipan's tourism industry, the Grand Hotel has been owned and operated since its inception by Micro Pacific Development, Inc., a wholly owned subsidiary of Nagoya Railroad Company, Ltd.

"Our company was proud to be one of the founding investors in the tourism industry here and it has been a sincere pleasure to be a part of the Saipan community," said Tamio Nakamura, president of Micro Pacific Development, Inc. "We'd like to thank the people of the Commonwealth for all their support to the Grand Hotel over many years. Now we are looking forward to seeing a new life for the hotel that will be brought by new investors."

Located beachfront in Susupe, the Saipan Grand Hotel first opened in 1977 with 120 rooms in a five-story main building. The hotel added 32 rooms to the main building in 1985. A ten-story tower building with an additional 72 rooms was added in 1993. The hotel's facilities include two swimming pools, several restaurants, a dance club, a wedding chapel, tennis courts, a ballroom and several meeting rooms.

"We are looking forward to this business acquisition, which is a further demonstration of our long-term commitment to the region and to expanding our participation in the tourism industry," said APHI vice president Jerry Tan. "Grand Hotel was one of the first resorts on Saipan and we look forward to working with all of the hotel's employees on improving the business for the benefit of the guests."

Tan said a team from APHI would hold meetings this week with the hotel's management and employees to become acquainted and announce the official start of business under the new company to take effect Jan. 8. The Saipan Grand Hotel will continue to operate as usual with the same name and employees.

January 6, 2005

Saipan Tribune http://www.saipantribune.com

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