IPI acquires 50 percent stake in Saipan resort developer

Imperial Pacific International has announced it has entered into a sale and purchase agreement to acquire a 50 percent stake in American Sinopan LLC, a company developing on two pieces of land in Saipan.

According to a filing from IPI on Wednesday night, the consideration for the equity stake in the Hong Kong-owned company amounts to US$23.7 million.
Total land area of the two pieces of land total around 129,687 square meters. 

According to the filing, one of the pieces of land includes 12 villas and a three-story public building under construction on Capitol Hill, the former Heaven II Resort.

The other land is the project site for the Casha resort hotel, which is an under-construction hotel set to have more than 1,700 when completed.

IPI said the acquisition of American Sinopan LLC in line with the business development strategy and plans of the Group.