Australian company developign two new hotels in Fiji
A report in the Fiji Times says that an Australian company has been given the greenlight to develop two 200-room hotels at waterfront locations in Yaqara, Fiji.
In a statement, the Yaqara Group Limited said it had entered into contractual arrangements with the Australian hotel development and management company, Resorts and Property International Limited (RPI).
It said this would allow RPI to secure a 25 per cent interest in the Yaqara Group and sub-lease RPI of two waterfront sites for development of two 200 room hotels at the Yaqara Studio City.
RPI hopes to build a five-star IVANA South Pacific resort and a three or four-star related Ivana brand resort.
RPI chief executive and director John Stavrou said they were pleased with the agreement reached with Yaqara Group Limited.
“We believe that Yaqara City development is the most exciting development in the South Pacific, and is very important for Fiji. We see it as strong, strategic investment opportunity,” he said in the statement.
The statement said under the agreement reached with RPI, subject to shareholder and regulatory approval, RPI will purchase a 25 per cent equity interest in YGL via a share placement for a total of $F6.76 million made up of $F4.05 million in cash and $F2.71 million in shares in RPI at initial offer price of $A1 ($F1.4) per share.
It said YGL will supply sealed road access and services to the hotel sites and RPI will contribute $F2.5million to YGL infrastructure funding under agreed financing arrangements.
They will also contribute to rates for internal road usage and its proportion of maintenance, replacement and operation of certain infrastructure equipment.
“It is intended that YGL will provide a seat on the Board to RPI and a provision for an alternate. Subject to arrangements with RPI and Ivana, YGL will be able to use the name ‘Ivana’ in its promotion and marketing,” the statement said.
It said the construction of the two hotels will commence in 2009 and YGL intends to commence works on site for provision of infrastructure in 2008. Yaqara is located in the Ra province.
Report by The Mole
John Alwyn-Jones
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