Nasfund to buy old hotel in Suva

NASFUND is negotiating with Fiji National Provident Fund (FNPF) to buy the Grand Old Lady – Suva’s Grand Pacific Hotel (GPH) on Fiji Island –  for FJ$90 million (K124.7 million) and  covert it into a five-star luxury
The deal to acquire the biggest and oldest hotel in Suva is expected to be finalised this week, according to Fiji Times newspaper yesterday.
The daily said the hotel which lies on prime property in Suva’s capital, has been vacant for around 18 years.
The newspaper quoted Nasfund joint chief executive Ian Tarutia’s confirmation that a deal for Nasfund to take over ownership of GPH could be finalised by the end of the week.
Tarutia was quoted by Fiji Times, as saying: “The total cost of purchasing and rebuilding is around FJ$90 million.”
Tarutia said as soon as the transaction was finalised, construction formalities would begin to convert GPH into a five-star luxury business hotel.
He told Fiji Times that Nasfund board was committed to participate in the purchase of GPH, together with partners Lamina Development.
“We want to start as soon as we can, but there are some formalities that have to be completed by the FNPF who owns the hotel.