By Emmanuel T. Erediano
emmanuel@mvariety.com
Variety News Staff
THE Department of Public Lands has yet to receive a response from MB Capital LLC regarding notices of default and violation of the lease agreement on the property formerly occupied by Hyatt Regency Saipan in Garapan.
Senate Vice President Corina Magofna, who chairs the Senate Committee on Resources, Economic Development and Workforce, said on Tuesday that she met with DPL Secretary Sixto Igisomar before proceeding to the Office of the Governor to attend a press conference on the revised fiscal year 2026 budget.
She said the DPL secretary told her that he was still waiting for a response from David Hood, president of MB Capital LLC, which operates Marianas Beach Resort.
MB Capital LLC took over the land lease contract between DPL and Saipan Portopia Corporation, the company that operated Hyatt, which shut down in June 2024.
In an interview, Magofna said Igisomar asked if the Senate committee could give him more time to meet with Hood before DPL determines the next steps for the land lease. The senator noted, however, that the 30-day notice period issued to MB Capital LLC has already passed.
Magofna added that the DPL secretary told her he has still not received a response from Hood, who is currently off island.
“And that’s the frustration I have. It should not be the company that dictates when to meet. It should be DPL that tells them they need to meet, or DPL will have to take back the property,” Magofna said.
She said she encouraged the DPL secretary to take action, but out of respect, her committee granted his request for more time.
She added, “At some point, we are going to have to set boundaries.” She said it would not be her last meeting with the DPL secretary; the committee plans to call him in again, hoping to get an answer.
Variety was unable to get a comment from MB Capital.
