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The American Samoa Development Corporation has not received any serious offers from investors interested in the development of Rainmaker Hotel. The deadline to submit offers was May 31, 2008, by which ASDC has received three inquiries but none of which seem to be promising.
80% of ASDC shares are owned by the Development Bank of American Samoa, as a government entity, and the remaining 20% are owned by minority shareholders. ASDC issued a prospectus in December of last year in hopes to find investors interested in the sale of the hotel and all of its improvements, as well as a long term lease for the 5.03 acres of land of which the hotel is situated upon. The minimum lease rate for the property was posted at $25,000 and 2.5% of gross revenues per month up to year 2050 on an "as is" basis. The investors can utilize the property for hotel or any other suitable commercial purpose with prior concurrence from ASDC.
According to ASDC board vice chair and DBAS president Utu Abe Malae, the three inquiries were from Australia, Hawaii, and the U.S.. The interested party from Australia said they were concerned that the local market was weak, the remaining term on the land lease was too short, and that transportation to American Samoa was difficult. These concerns were shared by the party from the U.S.. The inquiry from Hawaii, according to Utu, was only interested in managing hotel properties.
ASDC granted a 44 year sublease agreement to Niu Technology last year, and according to Utu, although Niu Technology is technically in default, “it still has the opportunity to redeem itself once financing becomes available to them.” He added that the board will be meeting next week to discuss other avenues of pursuit.
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