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‘We don’t want to see Hyatt leave the island’

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THIS is not the time to chase away existing hotel investors.

This is the position of the House Natural Resources Committee regarding the pending land lease deal between the CNMI government and Hyatt Regency Saipan.

During its meeting on Friday, the committee agreed to follow up on the status of negotiations between the Department of Public Lands and Hyatt, the land lease of which will expire in Dec. 2021.

Rep. Joel Camacho, committee vice chair, presided over the meeting on behalf of the committee chairman, Rep. Antonio Borja, who was on Tinian.

Also in attendance were committee members Reps. Luis John Castro, Joseph Flores, Ralph Yumul, Richard Lizama and Roman Benavente.

One of the recommendations from the members, which Camacho said “is pretty good idea” is to charge Hyatt a rental fee based on the hotel occupancy rate.

Noting the economic impact of Covid-19 pandemic on all businesses on island, Camacho said the danger “is we charge Hyatt too high, and they pack up and leave.”

Benavente  said, “We don’t want to see Hyatt leave the island.”

The land lease agreement between Hyatt and DPL requires the approval of the Legislature.

Camacho said they know that Hyatt and DPL have not yet reached an agreement. The committee, he added, would like to see the proposed agreement and the appraisal value.

Lawmakers are looking forward to begin the legislative proceedings for a new land lease deal between DPL and Hyatt, he said.

 

November 2020 pssnewsletter

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