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HONOLULU, HI (Jan. 13, 2005) - Micro Pacific Development, Inc. has sold The Saipan Grand Hotel to Asia Pacific Hotels Inc., a regional hotel group that owns and operates the Dai-ichi Hotel Saipan Beach, the Guam Dai-ichi Hotel and the Century Hotel on Saipan. CB Richard Ellis Hotels (CBRE) served as the broker for the sellers, with support from Tim Goodwin of the Saipan-based Pacific Rim International. The CNMI is a tourist destination popular with Japanese tourists.   “The competitive bidding for the Saipan Grand is a real indication of the strong interest of buyers in CNMI resort properties,” said F. Kevin Aucello, Vice President of CBRE Hotels- Hawaii, Guam and Micronesia. “We were able to attract capital investment interest throughout Asia,” he continued. One of the first hotels on the island, the Saipan Grand Hotel has 224 rooms and first opened in 1977 with 120 rooms. In 1985, 32 rooms were added to the five-story main building and in 1993, a 10-story tower building with 72 rooms was completed. Located in Susupe, the hotel’s facilities include two swimming pools, several restaurants, a dance club, a wedding chapel, tennis courts, a ballroom and several meeting rooms.  On January 6, The Marianas Public Land Authority (MPLA) approved the transfer of the lease from the seller to the buyer. This approval from the board was necessary to comply with the original master lease agreement for the property. Tim Goodwin played a pivotal role in working with the seller and buyer to secure MPLA’s consent. The seller, Micro Pacific Development, Inc. is a wholly owned subsidiary of Nagoya Railroad Company, Ltd. The hotel has been owned and operated by Micro Pacific Development since it opened. The buyer, Asia Pacific Hotels, Inc., is an affiliate of Tan Holdings Corp. About CB Richard Ellis Headquartered in Los Angeles, CB Richard Ellis (NYSE:CBG) serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. Including partners and affiliates, CB Richard Ellis has nearly 17,000 employees in more than 300 offices across 50countries around the world.  CBRE Hawaii has offices on the four major Hawaiian Islands and was named the Largest Commercial Real Estate Firm in Hawaii by Pacific Business News in 2004.