Aside from paying the $23 million which the former owners owed a Japanese corporation, the new owners also vowed to spend $22 million in improving the hotel.
Suwaso vice chairman Philip Mendiola-Long said they have a $15 million investment contract with the Beijing-based Jin Heng Xin Company and up to $50 million commitment from Tokyo-based Kyoritsu Property Management Company.
Suwaso chairman Vince DLG. Torres said “there’s a risk in every investment,” but “we have a plan that we strongly believe will not only do some good for our business but, more importantly, contribute to the community.”
Torres said their company is looking forward to face the CNMI’s challenging economy.
“We are going to work on that,” he added.
During the joint session on Friday, Rep. Froilan C. Tenorio, Covenant-Saipan, told Torres that since they are investing $22 million, “why just go for 15 years and not try to apply for 25 years?”
Torres answered, “We cannot commit on that.”
For Suwaso Corp. to generate $22 million in 15 years, the golf resort has to earn over $1.4 million a year or $122,000 a month.
Part of Suwaso’s business plan is to bring in direct flights from Beijing, Hong Kong and Nagoya with the marketing bill paid by its partners in China and Japan.
