Hotel investor projects $52.2M in tax benefits to NMI

Hotel investor projects $52.2M in tax benefits to NMI

2017/10/18 2:00am

SAIPAN – The proposed Saipan Globe Hotel in San Roque could bring in $52.2 million in tax benefits to the CNMI for the first five years of its operation, according to the project consultant, Tony Muna.

In his presentation during a public hearing conducted on Friday by the Commonwealth Development Authority, Muna said the 536-room resort will have 15 villas that will be situated on 10 acres of beachfront in San Roque. The hotel will have five restaurants, retail stores, a swimming pool, a shopping mall, staff house and 295 car parking spaces, he added.

Saipan Globe was applying for a $10.5 million tax rebate under the qualifying certificate program.

Muna said the project has two phases. Phase 1 is to be completed no later than Aug. 31, 2018, and will be operational by Sept. 30, 2018. Phase 2 is expected to be complete no later than Nov. 30, 2019, and be operational by Dec. 31, 2019.

Muna said these dates are subject to the duration of the permitting process and the availability of skilled construction and hotel workers.

He said the project will cost $76.8 million, of which $36.8 million will come from equity contributions and $40 million will come from EB5 financing.