STARWOOD Hotels and Resorts Worldwide says the sale of its three iconic assets in Fiji — Sheraton Fiji Resort & Spa, Westin Denarau Island Resort & Spa and Denarau Golf & Racquet Club — is part of a global asset-light strategy.
In the past three years, Starwood has raised $US1.5billion ($F3.07b)from hotel asset sales.
This was from the sale of the Sheraton on the Park Hotel, the St Regis Bal Harbour, the Westin San Francisco Airport, Aloft San Francisco Airport and the Philadelphia Airport Complex.
“The sale of our Fiji assets will continue to advance Starwood’s commitment to an asset-light strategy, and we expect the properties to attract strong, global investor interest,” said Simon Turner, president of global development for Starwood.
Attorney-General and Finance Minister Aiyaz Sayed-Khaiyum said Fiji had seen substantial growth in tourism partly due to the appeal of strong global brands like Starwood’s Sheraton and Westin.
The three properties boast prime locations with the Sheraton and Westin being beachfront resorts.
The Westin first opened its doors in 1976 and Sheraton in 1987.
The Denarau Golf & Racquet Club encompasses more than 110 hectares and includes an 18-hole championship golf course as well as a clubhouse facility and a tennis centre.
Surplus land of 12.6 hectares within the confines of the property has the potential to yield ten additional development sites.
