Vila Times

PNG’s National Fund to sell 50% stake in Fiji’s Grand Pacific Hotel

PNG’s National Fund to sell 50% stake in Fiji’s Grand Pacific Hotel
PNG’s National Fund to sell 50% stake in Fiji’s Grand Pacific Hotel
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Papua New Guinea National Superannuation Fund (Nasfund) confirms it is concluding a deal soon on offsetting its 50 per cent shareholding in Grand Pacific Hotel in Fiji.

This followed a report by the Fiji Broadcasting Corporation that the Fiji National Provident Fund (Fiji NPF) has expressed interest to take up a hundred per cent ownership of the hotel in Suva, Post Courier reports.

The hotel was a joint venture between Nasfund, with 50 per cent, and 25 per cent each by Lamana Development and Fiji’s NPF.

Nasfund was the major shareholder in the about $46 million redevelopment of the five-star hotel five years ago.

The hotel was initially built by the Union Steamship Company in 1904.

Nasfund chief executive Ian Tarutia said: “For the record, on behalf of the PNG shareholders in the Grand Pacific, Nasfund and Lamana Developments are proud of our involvement in the restoration and redevelopment of this historic and iconic hotel to its former glory.

“The Grand Pacific Hotel is now a visible landmark in Suva and is an excellent example of how our two countries can work together in co-investments that will benefit our respective organisations and the stakeholders we represent. Fiji NPF plays an important role in the hospitality and tourism industry in Fiji and are well capable of advancing this industry even further for the benefit of not only its members, but for Fiji as a whole. Negotiations have proceeded well and we look forward to concluding the deal soon.”

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