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FNPF acquires full ownership of GPH

 

Dec 03, 2018 07:54:56 AM

FNPF acquires full ownership of GPH The Fiji National Provident Fund (FNPF) now fully owns the Grand Pacific Hotel (GPH) after acquiring the remaining 75 percent shares from Papua New Guinea partners – National Superannuation Fund (NASFUND) and CGA Properties Limited.

FNPF Chief Executive Jaoji Koroi said this investment is part of their active growth investment strategy and is aligned to increasing their value chain in the tourism and hospitality industry, a critical pillar of Fiji’s economy.

He 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 and has 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.

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.

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.

By Reginald Chandar







 

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