Imperial Pacific International (IPI) has acquired a 50% stake in American Sinopan LLC – a Hong Kong-owned company currently developing two parcels of land in Saipan.
The acquisition comes just 24 hours after IPI Chairman and Executive Director Cui Li Jie offloaded 9.79% of the company in order to raise funds for development of its troubled integrated resort, Imperial Palace‧Saipan.
In an overnight filing, IPI said it had entered into a sale and purchase agreement with First Sinopan International Limited to acquire the 50% equity interest in its wholly-owned subsidiary for US$23.7 million.
According to the announcement, American Sinopan owns two pieces of land in Saipan with a total land area of 129,687 square meters.
The first, set to house 12 villas and a three-storey clubhouse on Capitol Hill, has already seen fitting out works completed while the second is planned for a new resort hotel with more than 1,700 rooms, IPI said.
American Sinopan has previously stated its plans to develop a garden-themed hotel in Saipan, possibly including the Hilton brand.
IPI said that construction work on this new hotel project has already begun.
However, much like IPI itself, it was recently revealed that American Sinopan has had its own problems finding workers with a recent application to bring in 620 foreign workers on 12-month H2-B visas rejected.