- October 2, 2008
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
The Fiji National Provident Fund is seeking to engage joint venture partners to begin works on revamping the Grand Pacific Hotel to a four to five star international brand heritage, which is estimated to cost $50million.
Last week, the FNPF business arm, FNPF Investment Limited (FNPFIL) began this process by calling for expressions of interest from reputable companies, local and abroad, to assist in the development of this historic hotel.
“We need to get this long awaited project moving forward and create a truly unique hotel experience in Fiji,” said FNPFIL Board Chairman, Mr Howard Politini said.
Built in 1914 by the Union Steamship Company, the GPH building occupies 1758 square meters of the overall site comprising 2.14 hectares of land along the foreshore of Suva harbour.
It is immediately adjacent to the Holiday Inn, a property also owned by the Fund, and is a short distance from the Central Business District. It has hosted royalty as well as celebrated international guests for many years.
Mr Politini says this development will have synergy with the Holiday Inn, to establish Suva as a leisure and business travel destination with superior accommodation and meeting facilities.
FNPFIL, which was established to invest members’ funds in prudent, professionally managed projects, aims to deliver secure investment income through equity funding.
Some of the criteria the Fund is looking for in the joint venture partner include:
- Technically and financially well resourced to develop a $50m+ project;
- Capacity to contribute equity financing;
- Proven experience to manage a turn key development programme;
- Extensive contacts in the hotel industry to negotiate a profitable management agreement;
- Experienced design team including historical building renovation work;
- Conformance with all aspects of the FNPF Act and policies;
- Able to rapidly assemble a coherent development concept and to expeditiously implement a project of National importance.
- Willing to disclose company financial statement for the year 2007;
- Capable of obtaining Public Liability and Professional Indemnity Insurance
“The tender closes on the 17th of November and we will make plans to move ahead with this long awaited project after due process is complete,” Mr Politini said.
For more information:
Please contact Wainikiti Bogidrau on 3238-459 or 9999-104
or contact Mr Howard Politini on 3314400 for a voice insert interview or image interview.