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Public land leases of 3 hotels about to end

THE Department of Public Lands secretary said a group of investors showed interest in the Kan Pacific/Mariana Resort & Spa property, but the request-for-proposals process has already been completed and the property will be leased to Imperial Pacific International.

DPL Secretary Marianne C. Teregeyo, in an interview on Friday, said the 40-year land lease agreements with the Hyatt and the Fiesta Resort are also about to end and the properties will be subject to the RFP process so other investors can submit proposals.

Last month, she said a group of investors expressed interest in the Kan Pacific/Mariana Resort & Spa property but she turned them down.

“We already did the RFP for the property and have already issued an intent to award the property to IPI. We’re just working on a few details to finalize it, and when that’s done we will award the lease to IPI,” Teregeyo said. Kan Pacific’s lease agreement ends in April 2018.

As for the Hyatt and Fiesta Resort, she said she will soon meet with their representatives, adding that their leases have a couple of years left.

She noted that a pending bill, S.B. 20-35, will increase the term of public land leases up to 40 years plus an extension up to 35 years for a total 75 years; and authorize existing public land leases to be amended to extend the existing lease term up to 75 years.

The Senate has approved the bill which is now with the House Committee on Natural Resources.

Source: Marianas Variety : http://www.mvariety.com/cnmi/cnmi-news/local/101336-public-land-leases-of-3-hotels-about-to-end

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