Bridge Capital LLC announced yesterday its plan to redevelop the abandoned Plumeria Resort property in Achugao, Saipan (in the Northern Mariana Islands, a U.S. commonwealth), and restore it to its former glory as an EB-5 project.
In a statement, Bridge Capital said that, like many on Saipan, it has watched sadly as the Plumeria property has gone from a beautiful hotel to an eyesore over the last several years.
“Bridge [Capital] is excited to be bringing millions of dollars of additional investment into the CNMI to turn this ugly duckling back into a beautiful swan,” the statement adds.
“Bridge has seen and experienced first-hand the current shortage of hotel rooms on-island. We are confident that redeveloping the Plumeria hotel will help address this critical need as the CNMI economy continues to expand and more and more tourists flock to our island paradise,” the statement adds.
[Photo credit: www.thebesthotels.org]