JV deal to acquire Fiji hotel underway

Source:
The National - Friday, April 8, 2011
THE deal to purchase Grand Pacific, a luxurious hotel in Suva, Fiji, by Fiji National Provident Fund and Nasfund Ltd is now being finalised by the joint venture, FNPF chief executive officer Aisake Taito.Taito told the Fiji Suns: “The fund is now finalising the joint venture arrangements with its investment partners from Papua New Guinea, the National Superfund and Lamana Development Corp.”“They are now finalising the hotel design, costing estimates and a detailed feasibility study.”Taito said the Intercontinental Hotel in Natadola was also performing extremely well and since August last year, as owners, FNPF had received US$6.5 million from the hotel.He said they had also begun the repayment of loans to the fund.FNPF said they would soon finalise the capital restructure to ensure that certain portions of the loans were serviced adequately into the future and the balance to be repaid from the residential sales or converted to equity.FNPF also stated that subject to confirmations, construction of the new Grand Pacific Hotel in Suva is expected to commence in July.Taito has confirmed that it has filed legal action on behalf of FNPF Investments Ltd against Venture Capital Partners or VCP and its employee, Dinesh Shankar.