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An investment group composed of Chinese investors is thinking about building a replica of the ill-fated Titanic on Tinian.
A release issued by Canbo International Ltd on its website said the planned reproduction of the ill-fated ship and posted pictures of the signing of the memorandum of understanding between them and the Commonwealth Ports Authority (CPA).
The MOU was signed on Dec. 3 at the Westin Hotel in Beijing. The project, the website stated, would engage in the construction of a Titanic Hotel on Tinian’s waterfront which is affiliated with the CPA.
Present at the signing of the MOU were CPA Tinian Director Joseph Mendiola and Tinian Chamber of Commerce President Philip Mendiola Long. The investors were represented by American Bridge Investment Group president Howard Li, executive director Eric Wang and managing member Silvia Siu.
Canbo further revealed on the website that the planned construction of the five-star hotel involves 300 luxury rooms and would reproduce the Titanic on a 1:1 scale.
It also said that direct flights from China to Tinian are expected in 2015 upon completion of the hotel.
The investors claim they will bring about 100,000 mainland Chinese tourists to the CNMI as soon as the hotel begins operations.
Tinian Chamber of Commerce president Philip Mendiola-Long said the MOU with CPA relates to the ports authority’s taking the step to check its legal authority with reference to the lease of the property in its inventory.
Mendiola-Long told Variety that they are still in the early stages of the negotiations.
The investors, he said, are looking at between $50 million and $90 million in investments “depending on the size of the project.” He also said that the project would proceed in three phases.
SOURCE: MARIANAS VARIETY/PACNEWS
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