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UMDA to continue JAL legacy
Real estate news By Mark Rabago
Friday, February 01, 2008
United Micronesia Development Association, Inc. said it wants to continue the legacy of Japan Airlines in the Commonwealth as it finally took ownership of Hotel Nikko Saipan, Inc. during the close of transaction yesterday at the Marina Heights Business Park in Puerto Rico. Although terms of the sale were not disclosed, 1,920 shares of Hotel Nikko were seen transferred to UMDA.
The company's president and chief executive officer Russell K. Snow Jr. said the transaction cost is confidential. Signing for UMDA was chairman of the board Jose R. Lifoifoi, while signing for the previous owners of Hotel Nikko was JAL Hotel Co., Ltd. executive officer/BVL president Akira Yamazaki.
“We're very honored to take over the responsibilities of Hotel Nikko [Saipan] in our new role as the owner of the hotel. We would like to continue with the legacy that JAL and Hotel Nikko have started and their long investment in Micronesia. We will continue their tradition in supporting Micronesia, in supporting the Commonwealth, and also in supporting Saipan with new tourist activity and more opportunities to improve our economy,” said Snow after the signing of the documents.
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