By Gerardo R. Partido
Variety News Staff

LUCIO Tan, a billionaire “taipan” from the Philippines, will be developing the mothballed Tropicana hotel on Guam, which has been an eyesore along the Tumon strip for many years now.
The Tan group will be developing the Tropicana through its Guam subsidiary, Grandview Corporation.
According to project manager William Chua, Grandview was able to obtain a “change use” permit from the Guam Land Use Commission to transform the old Tropicana from a hotel into a new high-end apartment complex that will include a restaurant and retail space.
He said his company is optimistic about the project because of the Tropicana’s location, which is oceanside in Tumon, the heart of the island’s tourism district.
When the complex is completed, units will be available to tourists and residents alike on a first-come, first-served basis.
The architectural firm Laguana & Cristobal has been tapped for the project, which is slated to be completed in one and a half year’s time.
According to architect Andrew Laguana, the development of the apartment complex is also opportune as the housing market on island is expected to rise as the military population spikes up with increased deployments ordered by the Pentagon.
With the Guam Land Use Commission approval, Laguana said construction is slated to start on the project within two months time.
The new apartment complex will have 83 units, consisting of one-, two- or three-bedroom units, as well as 170 parking stalls, and a gym.
Laguana said this will be the first time a hotel in Tumon will be converted into an apartment complex.
“The biggest challenge for us is to stay within the existing structure,” Laguana said.
The Tan group is still considering a tenant for the restaurant and may bring in a well-known theme restaurant from an off-island franchise.
The Tropicana was built in the 1970s and is one of the oldest hotels on the Tumon strip. The Tan group acquired the property in 2003 after the hotel suffered typhoon damage.
The Tan group has extensive holdings on Guam, including the Micronesia Mall, Philippine Airlines, and Guam Bakery.
Lucio Tan recently ranked 407th out of 946 on the prestigious Forbes roster of global billionaires. Tan’s net worth is estimated at $2.3 billion.