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PNG PM says no plans to sell Fiji resort despite offers given

The value of Pearl Pacific Resort in Fiji is K219 million (FJD$140mil) and there are no plans for its sale, Prime Minister Peter O’Neill says.

O’Neill, in his presentation to Parliament on Friday, said there had been interest by Global Hotel and Resort chains but there was no decision made for sale at this stage.

“This resort is an investment by Mineral Resource Development Corporation, Petroleum Resources Kutubu and Mineral Resources Ok Tedi,” he said.

“These are the three shareholders of the investment which was made in 2012 for about K50 million (F$32 million) at that time.

“Since then, they have invested up to another K94 million (FJD$60 million), a total of K144 million (FJD$92 million) dollars from 2013 to today.”

O’Neill said the resort included a marina, 212 first-class rooms, 18-hole golf course and freehold 224 acres of land.

He said after six years of investment, the current value was K219 million (FJD$140 million).

O’Neill said the Fijian hospitality and tourism industry was a competitive industry with lots of investment from global players in that market.

“The initial offers that are coming are well above market value of the property,” he said.

“The three shareholders are independently assessing that offer.

“I’m advised that the three shareholders – MRDC, PRK and MR Ok Tedi – where governors, landowners and independent directors are on the board, make those decisions independently,” he said......read more on : Pacific Travel Advisor Website


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