SAIPAN, NORTHERN MARIANA ISLANDS. Tan Holdings Corporation (THC) announced today that its subsidiary, Asia Pacific Hotels, Inc., has acquired the 425-room Dai-Ichi Hotel Saipan Beach. The new ownership of the hotel will take effect February 1, 2002.

THC President Willie Tan said the investment in Dai-Ichi Hotel is a strategic move for THC to build a major presence in the tourism industry in the Pacific region and also demonstrate the company's commitment to the Northern Mariana Islands in light of a current economic downturn in the islands.

Tan further stressed that THC is committed to working with all existing Dai-Ichi Saipan employees to turn around the business and create more job opportunities.
"It will be business as usual," said Tan. "The hotel's current name and the existing employee team will remain in place."

Located in heart of Saipan's tourist district on the white sands of Micro Beach, the Dai-ichi Hotel Saipan Beach is a leading resort, featuring a variety of guest accommodations. The hotel's open-air lobby captures natural breezes, and offers direct access to six restaurants and bars, banquet rooms and a dinner show room. Additional facilities include two large swimming pools surrounded by a tropical garden with tennis courts.

Headquartered on Saipan, Tan Holdings Corporation is a diverse holding company operating in 13 industries in Saipan, Guam, Micronesia and Japan. THC is the largest taxpayer and private employer in the Northern Mariana Islands.