THREE of the country’s iconic holiday properties have been put up for sale by Starwood Hotels and Resorts.
The Sheraton Fiji Resort, Westin Denarau Island Resort and Spa and the Denarau Golf and Racquet Club have been listed for sale and a marketing campaign which begins this week is expected to generate strong interest from buyers.
Simon Turner, president of global development for Starwood, said the three properties were being sold with a long-term management contract with Starwood.
“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,” he said.
“We will continue to have a long-term presence in Fiji through our ongoing management of these properties and, as always, will seek out the right owners and partners to create value for our shareholders.”
Starwood has appointed CBRE Hotels as the exclusive seller of the three holiday venues.
“These trophy assets provide an outstanding opportunity for an investor to purchase an impressive and well-performing collection of hotel assets in the Pacific region,” said CBRE Hotels senior director Rob Cross.
“The assets represent one of the first major resort sales in Fiji in over a decade and are expected to attract significant buyer interest.”
Attorney-General and Finance Minister Aiyaz Sayed-Khaiyum said the fact that Starwood would continue to operate the properties was good news for the tourism sector.
“The Fijian Tourism Industry contributes about 34 per cent towards our GDP,” he said.
