Hee Kyun Cho yesterday said DPL has to certify and sanction the sale and transfer of the stocks to the new owner.
Cho, who also owns hotels on Guam, acquired the Rota facility for less than its original value, which was $20 million.
“The former [Japan-based] owner acquired it for $8 million and infused about $12 million into the resort…but I was allowed by the Japanese court to acquire it for a much lower amount which I cannot disclose,” Cho said.
The new owner took over the hotel’s operations two months ago although the sale transaction was finalized only recently.
“To complete the transaction, we’re waiting for some documents from DPL which I believe will soon be approved,” Cho said.
The hotel has 120 personnel including local employees and Cho said he intends to keep them in anticipation of the many plans and activities he has for the facility.
“The CNMI economy goes up and down…but the nature of Rota never changes,” he said. “It was beautiful before, beautiful now and forever. For me that’s the biggest asset of Rota Resort.”
Today, 11 tour agents are expected to be on Rota for a one-day familiarization tour.
Cho said a three-way special contract between his company, Mode Tour and Freedom Air was signed recently to guarantee air seats for the Rota Resort.
“This alone will revitalize Rota tourism and generate revenue for our hotel,” he said.
This contract will take effect in Feb. 2010.
Cho’s company also signed a contract with Kinki Nippon Tour Agency for 40 charter flights to Rota that started in April.
Cho likewise partnered with KNT in investing $120,000 for a booth that will promote Rota in Japan.
“We still have a lot of plans…because we believe that Rota is a destination that is saleable for all tourists,” he said, adding that he is now negotiating with military tour agents regarding the special discounts that can be provided to servicemembers who may want to visit the island.
Rota is only 47 miles away from Guam, which is already preparing for the transfer of over 12,000 U.S. Marines from Okinawa, Japan.
Last November, Rota voters approved the legalization of casino gaming on their island.
