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Major sale of Marriott properties in Fiji

Major sale of Marriott properties in Fiji

First published on eTurboNews: https://www.eturbonews.com/191756/major-sale-of-marriott-properties-in-fiji

The Fiji National Provident Fund (FNPF) yesterday, announced the acquisition of the Marriott Denarau tourism assets. These include the 297- room Sheraton Resort, 246-room Westin Resort, and the 111 hec­tare Denarau Golf Course and Development Land.

FNPF acquired the assets from Marriott International at a non disclosed  substantial amount and this adds to FNPF’s existing impressive stable of hotel assets that include the recently-opened Fiji Marriott Resort Momi Bay, the Intercontinental Fiji Golf Resort & Spa – home of the Fiji International Golf Tournament, Holiday Inn Suva and the Grand Pacific Hotel.

Fund Chairman Ajith Kodagoda said: “This is a huge investment in Fiji’s major tourism destina­tion and an investment which the Fund and our members can be proud of.

“The Denarau hotels have been operating profitably over the years and are expected to provide good returns to our members. The Development Land presents an even bigger investment oppor­tunity and the Fund will explore ways to capitalise on this.

“FNPF as a Fijian institution had followed proper traditional protocols and advised the Yavu­sa Navatulevu, Sila and Nabati (iTaukei landowners) of our in­tention to acquire these assets from the start.

“We believe that a vital compo­nent of the deal was the consent and blessings of the landowners for FNPF to operate on Denarau Island as one of the property owners.”

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Read the full article: https://www.eturbonews.com/191756/major-sale-of-marriott-properties-in-fiji

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