FNPF Takes Full Ownership of GPH
The Fiji National Provident Fund took full ownership of the Grand Pacific Hotel last month; after it acquired 75% of the shares from the PNG National Superannuation Fund and CGA Properties Limited.
The Hotel has hosted royalties and dignitaries from around the world, including the Duke and Duchess of Sussex Prince Harry and Meghan Markle.
FNPF has paid $36 million to acquire the shares.
The acquisition of GPH adds to FNPF’s existing impressive fully owned hotel assets that include the recently acquired Marriott Denarau properties,
Fiji Marriott Resort Momi Bay, the Intercontinental Fiji Golf Resort & Spa and Holiday Inn.
GPH was originally built in 1914 and continued to operate before its closure in early 1990s.
In 2014, FNPF partnered with NASFUND and CGA Properties to re-develop the hotel.
This was part of the Investment Rehabilitation under the Fund’s reform.