.gif)
Fiji’s sole worker's fund, the Fiji National Provident Fund (FNPF) is seeking joint venture partners to begin a $50 million revamp of Suva’s ‘Old Lady’, the Grand Pacific Hotel (GPH).
This was confirmed today by FNPF Investment Limited (FNPFIL) board chairman Howard Politini, who said the Fund had called for expressions of interest for interested companies to enter into a joint venture to revamp the GPH into a four to five star international brand heritage.
He said the business arm of FNPF had begun this process last week anticipating interests 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,” Politini said.
He said this development would have synergy with the Holiday Inn, also owned by the FNPF, to establish Suva as a leisure and business travel destination with superior accommodation and meeting facilities.
Some of the criteria of the joint venture included:
- being technically and financially well resourced to develop a $50 million plus project;
- has capacity to contribute equity financing;
- has a proven experience to manage a turn key development programme;
- has 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; and
- capable of obtaining Public Liability and Professional Indemnity Insurance.
Politini said the tender would close on November 17 “and we will make plans to move ahead with this long awaited project after due process is complete”.
In December 2005, InterContinental Hotels Group had been awarded the management contract for Fiji’s Grand Pacific Hotel Suva which, after an extensive redevelopment and expansion programme, would be re-branded Crowne Plaza Grand Pacific Suva.
The redevelopment was due to commence next year in a joint venture between Fiji Investment Corporation Limited (FICL) and the Fiji National Provident Fund (FNPF).
In a separate move, the FNPF also purchased the Holiday Inn Suva, also managed by InterContinental Hotels Group.
Built in 1914 by the Union Steamship Company, the GPH building occupies 1758 square metres of the overall site comprising 2.14 hectares of land along the foreshore of Suva harbour.
