Wednesday, December 29, 2010

Nasfund, Lamana in Fiji hotel project

FIJI National Provident Fund’s wholly-owned subsidiary FNPF Investments Ltd has entered into a joint venture with consortium partners from Papua New Guinea for the redevelopment of the Grand Pacific Hotel dubbed Fiji’s “Grand Old Lady”, The National reports.

The joint venture with the National Superannuation Fund Ltd (Nasfund) and Lamana Group of Co is expected to enhance Suva’s destination presence as a provider of a leading luxury hotel for today’s modern business traveller.

It had been confirmed that design work was being finalised by Lamana Group in conjunction with several consultants, with construction targeted to begin in the third quarter of next year.

FNPF chief executive officer Aisake Taito said the investment was a major step in ensuring good returns for the 280,000 plus members.

“The fund is committed to the redevelopment of the GPH as this is in line with the FNPF’s reform objectives, specifically, the rehabilitation of non-performing investments,” Taito said.

He said the project was expected to add slightly over 1% to the country’s gross domestic product (GDP), “which is good for the economy and country”.

Taito said the fund was confident that with the PNG consortium, it “found the right partners with the right capacity and extensive expertise in hotel development and management”.

“With a presence in Port Moresby, Honiara and now Suva, the expansion of Nasfund investments with Kostas Constantinou, OBE of Lamana Group, represented a significant cross-border investment that would result in a real tangible asset and reflects a growing confidence in Fiji by their fellow Melanesians,” he said.

Nasfund co-chief executive Rod Mitchell said: “The expansion of Papua New Guinean investment further into the Pacific market as well is a strategic milestone for us.

“Offering a world of style, service, and connection, Grand Pacific Hotel will be designed for today’s Pacific business traveller, which means providing the services and amenities needed for our guests to enjoy the luxury of being themselves.”

The fund said the hotel would be developed as a high-end Pacific business traveller hotel with restaurant, lobby lounge, specialty bar, convention facilities, multiple meeting rooms and health club.



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