The House adopted yesterday a commemorative resolution for the United Micronesia Development Association.
Russell Snow, president and chief executive officer of UMDA, said they are thankful for the recognition and vowed to continue to infuse fresh capital into the tourism-based economy of the Northern Marianas.
“We’re very honored with the House in passing this resolution. It certainly reflects our commitment to the CNMI. We plan to make our hotel very local friendly and also very attractive to tourists and we are committed to stay here,” he said.
The governments of the Northern Marianas, the Federated States of Micronesia and Palau, are among the investors of UMDA, apart from 1,200 individual shareholders.
Palms Resort Saipan, the 313-room hotel that used to be owned by Japan Airlines, is the latest UMDA investment on island.
In 2005, UMDA purchased Laolao Bay Golf Course which Australian golfer Greg Norman designed.
The property was later sold to Kumho Asiana Group, Asiana Airlines’ parent company, which is now turning the site into a multimillion-dollar luxury golf-resort with villas.
UMDA has been doing business in the Pacific since the Trust Territory days.
Its first business venture was a shipping cooperative that transported copra from the islands to Japan and imported food and materials to the Micronesia islands.
During the late 1960s, UMDA expanded its business interests by purchasing Air Micronesia which later merged with Continental Airlines which became Continental Micronesia in the late 1980s.
In 1996, Continental purchased UMDA’s shares in the airline, enabling UMDA to acquire Guam Cable TV and Saipan Cable TV a year later.
UMDA, however, sold the cable stations in 2005.
Joe Lifoifoi, chairman of the UMDA board of directors and former CNMI House speaker, said: “Saipan is our home.”
He added, “The history of UMDA has always been to support and improve our communities, as we earn a good return for our shareholders. Micronesia and the world will see UMDA create a world-class resort property on Saipan and aid the CNMI in its economic recovery.”
Lifoifoi said UMDA “will invest tens of millions of dollars in the renovations of Palms Resort Saipan and with that investment will come new jobs and more tourists for Saipan. UMDA is one of the very few companies indigenous to the CNMI and will remain loyal to the CNMI and Micronesia.”
