Leading chain ink’s hotel deal

The largest hotel chain in Europe and China, Radisson Blu, is partnering with the Paga Hill Development Company to build a K700-million five-star hotel that will transform Paga Hill and its surrounds, says International Trade and Investment Minister Richard Maru.
Maru said in Port Moresby yesterday during the partnership announcement that Radisson Blu was the second largest hotel chain in the world and having one at the Paga Hill special economic zone was great investment for the country.
“It is one of the largest and fastest-growing global hotel groups with a strong reputation and distribution across key source markets in China, India, the United States and Europe.
Their world-class investment in Port Moresby will be the apex of Paga Hill,” Maru said.
Detailed designs had been prepared for a sprawling hotel precinct atop Paga Hill.
Features include a boutique hotel with 229 rooms, 38 serviced apartments, 20 luxury villas, pools, restaurants and bars, an executive lounge, gymnasium and health
sanatorium. The development will also feature boutique retail outlets, a number of long-stay and permanent residential apartments, as well as Port Moresby’s largest conference and event facilities.
It will take two years to build starting next June.
Maru was with Prime Minister James Marape and Paga Hill Estate’s Shi Zhongqing, managing director Gudmundur Fridrickson and chairman Peter Barge along with Radisson Hotel Group associate director of development Josie Hungerford.
“You are following on the back of some of the world’s global leaders in the mining and petroleum sector such as ExxonMobil and TotalEnergies,” Maru said.
“In the agriculture space, we have Wilmar International Ltd, one of the world’s leading agriculture companies, in fact the largest and most-integrated leading agribusiness group in the Asia-Pacific region who are already investing in PNG and want to invest more in partnership with the Government.
“You will also be joining an interesting family of world leaders in the hotel and hospitality industry.
“We already have Coral Seas, Crowne Plaza, Holiday Inn, Hilton and Radisson Blu will be the icing on the cake.”
Maru said this was timely with Prime Minister Marape recently announcing the Government’s forecast for substantial economic growth.
“Forecasting our gross domestic product to grow to K120 billion in 2024 and a further surge to K200 billion by 2030, propelled by six major resource projects.
These projects include the Porgera and Wafi-Golpu mines, Papua LNG, P’nyang LNG, Pasca LNG, and an exciting new gas field discovered by ExxonMobil in the Eastern Papuan Fold Belt.
“This will mean sustained economic growth on an average of five per cent for 20 to 30 years starting next year when Porgera and Papua LNG commences, and the demand for hotels, apartments and world-class accommodation will go through the roof,” Maru said.