Acquisition of GPH great investment: FNPF
January 7, 2019 7:55 am
The Grand Pacific Hotel
The Fiji National Provident Fund who now fully owns Grand Pacific Hotel says the investment is aligned to increase their value chain in the tourism and hospitality industry.
The FNPF acquired the remaining 75% shares from Papua New Guinea partners – National Superannuation Fund and CGA Properties Limited – in November last year.
The Fund paid $36 million for the shares.
Chief Executive Jaoji Koroi says having full ownership of GPH is a great investment for the FNPF as the hotel has built a strong brand for the Suva market.
“When you talk about accommodation or tourism in Suva the premium market hotel comes to mind, GPH. It’s good for the members, it’s good for the locals so we capture the total. That means all the revenue that comes in belongs to the members or GPH.”
Koroi says the Fund will go through a robust process to assess the long-term management of the hotel.
“As of now it is business continues as is. There is a board and there is a management that runs the hotel currently but we are exploring the opportunity of joint management which we will be in the next couple of months or so.”
The hotel now has 113 rooms, including 10 suites, and is one of Suva’s leading choices for accommodation and events.