More Investors Interested in Building Hotel Rooms

The Guam Visitors Bureau is one step closer to their goal of getting two million visitors to the island by the year 2020.

Guam – Two more investors are setting their sights on building hotel rooms to accommodate more visitors to the island.

According to Guam Economic Development Authority’s Assistant Manager Matt Sgro, they received two letters of interest, which would add about 100 rooms to the Garden Villa and 300 rooms for a new hotel in Pago Bay. 
He says, “We received two other letters of intent. One from Guam Wanfang Construction which will be Phase III for the Pago Bay resort area and the other one is another hotel by JMSH 11 which is in Garden Villa, across Fiesta Hotel in Tumon.”
Meanwhile, Sgro says they’re working with the two hotel developers with their application. He says the developers are aiming to submit the applications by the end of the year. This is in addition to the already received applications to renovate Ladera Towers, add more rooms to Nikko Hotel, and build the new Citta de Mare.
He explains, “Three of the main companies that turned in applications are LGI Polaris Pacific for Ladera Towers, JMSH 11 for Citta de Mare behind Acanta Mall, and most recently TNN Guam which is representing Ken Corp.”
The three hotel applications rack up an investment of about $432-million dollars and adds up to 1058 additional hotel rooms. This helps the Guam Visitors Bureau’s goal of getting 2 million visitors by the year 2020. In fact, Sgro says this is the reason why they came up with the special hotel qualifying certificate in the first place. 
“The special hotel qc was put together to entice more hotel development in a faster time frame. We want 2 million tourists by the year 2020 so in order to accommodate that, we need 1600 more hotel rooms and this is why this qc was created so that we meet that threshold by 2020,” he says. 
Sgro explains that the special hotel qc was also made to entice existing hotels. He says, “The special hotel qc is not only for new hotels. There’s a section that entices existing hotels if they’re to put in 20% of their investment into renovation then they do have a chance to qualify.”
Sgro says the application process takes about 6 to 9 months, so the new hotels could break ground as early as next year. “Once they apply, we do a thorough case analysis, we look at their application, we look at their business plan, we look at their long-term financial projections and we just want to make sure it all adds up. We don’t want to just approve any application, even though we do need hotel rooms, but we just want to make sure they qualify and that they they’re providing a significant amount of jobs to our local community,” he says. 
Sgro says they’re excited to see the island’s number one industry grow even more in the next couple of years. He explains, “We’re very excited just because we anticipate a large increase in tourism so our job is to help all industries whether it’s hotel, renewable energy, agriculture, aquaculture, even if it’s just our local entrepreneurs that are looking to start a business. That’s what we’re here for.”