Super fund takes over five-star hotel

THE Grand Pacific Hotel (GPH) is now full owned by the Fiji National Provident Fund (FNPF), as reported by the Fiji Times newspaper.
In a statement, FNPF chief executive Jaoji Koroi said the investment was part of the fund’s active growth investment strategy.
The hotel in Suva was a joint venture between Nasfund, with 50 per cent, and 25 per cent each by Lamana Development and FNPF.
Nasfund was a partner until June this year when it announced that it was offsetting its 50 per cent shareholding in the hotel.
The superfund was the major shareholder in the K104 million (FJD$90 million) redevelopment of the five-star hotel five years ago.