On September 6, Hotel Properties Limited (HPL) announced that their subsidiary, HPL Properties (Pacific Ocean) has incorporated a new wholly-owned subsidiary called Leisure Development Koror Inc. (LDKI)

LDKI was incorporated to acquire land at a price of US$8.5 million ($11.4 million) for the future development of a luxury hotel development in the Republic of Palau.

According to HPL, the acquisition was negotiated at arm’s length on a willing buyer willing seller basis, taking into consideration the location and potential development of the land.

HPL Properties (Pacific Ocean) is 70% owned by HPL and 30% owned by Como Holdings. This joint venture allows HPL to own hotel developments in the Pacific Ocean area.