Less than $10 million is about $3 million

On Feb. 4, Marianas Variety reported that the former Nikko Hotel Saipan – now Palms Resort Saipan -- was acquired by UMDA for “less than $10 million,” a deal which Former Speaker Joe Lifoifoi, chairman of the UMDA board, described as “very fair” for both parties.

A more accurate price tag is “about $3 million,” according to Saipan Middle Road sources.

Lifoifoi could have told the media that UMDA bought the hotel for less than $5 million but he didn’t. Saipan Tribune didn’t even have a ballpark figure.