- November 30, 2018
- Posted by: fnpf_editor2
- Categories: Media Articles, News & Media
The Fiji National Provident Fund (FNPF) today announced that it now fully owns the Grand Pacific Hotel (GPH) after it acquired the remaining 75 percent shares from Papua New Guinea partners – National Superannuation Fund (NASFUND) and CGA Properties Limited.
Fund Chief Executive Officer Mr Jaoji Koroi said: “This investment is part of our active growth investment strategy and is aligned to increasing our value chain in the tourism and hospitality industry, a critical pillar of Fiji’s economy.”
Mr Koroi added that the share buyback was factored into the initial shareholder agreement and he thanked the outgoing shareholders, NASFUND and CGA Properties, for their instrumental role in rebuilding one of Fiji’s iconic landmark and successful operation to date. GPH has built a strong and premium brand for the Suva market and has accommodated key dignitaries including British Royals, the Duke and Duchess of Sussex.
Mr Koroi also assured stakeholders that the hotel will operate as is under the current management structure and the Fund will go through a robust process to assess the long-term management of the hotel.
The acquisition of GPH adds to FNPF’s existing impressive fully owned hotel assets that include the recently acquired Marriott Denarau properties, Fiji Marriott Resort Momi Bay, the Intercontinental Fiji Golf Resort & Spa and Holiday Inn.
GPH was originally built in 1914 and continued to operate before its closure in early 1990s. In 2014, FNPF partnered with NASFUND and CGA Properties to re-develop the hotel. This was part of the Investment Rehabilitation under the Fund’s reform. The hotel now boasts 113 rooms including 10 suites and is one of Suva’s leading choice for accommodation and hosting of events.