Crowne Plaza hotel up for sale

The National,Monday June 27th, 2016

 By Gedion Timothy
ONE of Port Moresby’s four-star hotels – the Crowne Plaza – is on sale.
Its parent company, Kumul Hotels Ltd, said it was a “strategic decision by shareholders to rationalise the company’s capital and consolidate its hotel investments in Port Moresby”.
Deloitte PNG has been appointed by the board of Kumul Hotels Limited as the lead advisers on the sale of the Crowne Plaza Port Moresby Hotel.
James Kruse of Deloitte PNG said they were working with Jones Lang Lasalle in Australia who had been engaged to manage the international marketing with a focus on Asia and the Pacific region.
“The hotel is situated in the heart of Port Moresby’s central business district and boasts 157 guestrooms and suites, a gymnasium, business centre, executive club lounge, restaurants and meeting and conference facilities,” Kruse told The National.
“From its prominent hilltop position, the Hotel also enjoys sweeping views over the Coral Sea and Fairfax Harbour.
“The Hotel, which is currently managed by internationally renowned Intercontinental Hotel Group (IHG), is available to investors with IHG management in place or potentially with vacant possession.
“The Crowne Plaza property is currently operating as a fully dedicated hotel, however, it could also be converted into a retail precinct, several floors of serviced offices, and remaining floors retained as hotel rooms serviced apartments,”  Kruse said the hotel was well positioned to capitalise on future business growth underpinned by developments in the LNG (liquefied natural gas) sector and major events to be held in Port Moresby.
“The sale of the hotel followed a strategic decision by shareholders of to rationalise the company’s capital and consolidate its hotel investments in Port Moresby,” Kruse said.
The marketing process is continuing with the deadline to submit Expressions of Interest closing at 4pm on July 8 2016.”
Interested parties are to contact either James Kruse or August Alcasabas of Deloitte PNG on 675 308 7000.