Aman Resort, the luxury resort hotel project proposed for construction in Ngermid at the location of the former Nikko Hotel, has secured a loan in excess of a million dollars from the National Development Bank of Palau (NDBP)...the loan is in a form of a “bridge loan” and is a short-term loan of only three years. “The loan will need to be paid back in three years time,” said the source.
Aman Resort approached the bank initially for the loan but also provided an opportunity for the bank to take part in the project. The bank having considered the proposal approved it last month. As part of the loan agreement, the loan can be converted to stocks investment in the venture if the conditions are right. “In the developmet bank’s viewpoint, it is a good investment,” further said the source...However, another source put the value in excess who of $2 million...The proposed Aman Resort is reported to cost over $20 million and will comprised of 28 guest rooms as well as a lobby, restaurant, and spa facilities. (Tia Belau, March 9-15, 2009)