The former Hyatt Regency Saipan is now a Sheraton brand.

MB Capital Owner David Hood took over the lease when Hyatt closed in June due to economic reasons. They've started to gradually open the hotel in recent weeks, now offering lunch at the Miyako restaurant on the property. 

On Tuesday, the new hotel owners announced that it signed an MOU with Sheraton, which is owned by Marriott, that same morning.

“We think it is a good choice for the CNMI…things are going to start happening very fast. This team is going to come next week and things are going to get moving very quickly. So we are excited,” said Hood. 

Hood said they were also in talks with the Hilton. KUAM learned that most of the 27 staff on board right now are former Hyatt employees.