Fiji National Provident Fund has acquired the Marriott Denarau tourism assets, which include the 297‑room Sheraton Resort, 246‑room Westin Resort, and the 111 hectare Denarau Golf Course and Development Land.
This adds to FNPF’s existing impressive stable of hotel assets that include the Fiji Marriott Resort Momi Bay, the Intercontinental Fiji Golf Resort & Spa , Holiday Inn Suva and the Grand Pacific Hotel.
Fund Chairman, Ajith Kodagoda says this is a huge investment in Fiji’s major tourism destination and an investment which the Fund and our members can be proud of.
He says the Denarau hotels have been operating profitably over the years and is expected to provide good returns to the funds members adding the Development Land presents an even bigger investment opportunity and the Fund will explore ways to capitalize on this.
Kodagoda says they followed proper traditional protocols and advised the Yavusa Navatulevu, Sila and Nabati who are the landowners of their intention to acquire these assets from the start.
He adds they 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.
Marriott International will remain as operator of the assets well into the future, further enhancing their existing relationship with FNPF via the Marriott Momi Bay.
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