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.”