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26-10-2015, 11:10 PM
Any chance of GL selling their Fijian assets?
Starwood Resorts sold in Fiji’s biggest deal
[Image: 135849-245974fe-7b98-11e5-9d9b-7b73a423a28f.jpg]
The beachfront Sheraton Fiji Resort on man-made Denarau Island has 297 rooms. Source: Supplied
[b]Starwood Hotels and Resorts has offloaded two of its opulent Fijian resorts in the Pacific Island nation’s largest real estate deal.[/b]
Two Fiji-based entrepreneurs have paid about $F300 million ($193m) for the Sheraton Fiji Resort on Denarau Island, The Westin Denarau Island Resort and Spa plus the championship Denarau Golf and Racquet Club.
The sale comes as Starwood Hotels and Resorts continues to offload its global assets. Earlier this year it sold the Sheraton on the Park in Sydney to China’s Sunshine Insurance Group for a record $463m, in a deal foreshadowed by The Australian.
Meanwhile, it is understood Starwood has negotiated long-term management agreements on its Denarau Island resort complexes with the two buyers — developer Ananth Reddy and Suresh Bhai of Fiji’s Challenge Engineering, which has extensive property interests and owns Automart, Fiji’s largest second-hand motor vehicle dealer.
For their money, Mr Reddy and Mr Bhai have acquired the 297-room beachfront Sheraton Fiji Resort, the 246-room Westin Hotel, which sports six swimming pools, and the 72 par Denarau Golf and Racquet Club.
Popular with Australian holiday-makers, the resorts are located near Nadi’s international airport.
Other operators on the man-made Denarau island, which is billed as the South Pacific’s largest integrated resort complex, include Accor’s Sofitel Fiji Resort and Spa and the Radisson Blu Resort.
It is understood the sale of the Sheraton and Westin resorts on Denarau Island was brokered by CBRE Hotels directors Wayne Bunz and Rob Cross. The agents did not return calls yesterday.
Separately, Mr Reddy, a lawyer and engineer educated in Australia, announced in April he would develop a $F70m Holiday Inn on Fiji’s Denarau Island through his development company, Avoser.
Mr Reddy could not be reached yesterday.
Apart from the Fiji and Sydney hotels, Starwood has also sold the St Regis Bal Harbour and the Westin San Francisco Airport.
Starwood Resorts sold in Fiji’s biggest deal
- THE AUSTRALIAN
- OCTOBER 27, 2015 12:00AM
[Image: 135849-245974fe-7b98-11e5-9d9b-7b73a423a28f.jpg]
The beachfront Sheraton Fiji Resort on man-made Denarau Island has 297 rooms. Source: Supplied
[b]Starwood Hotels and Resorts has offloaded two of its opulent Fijian resorts in the Pacific Island nation’s largest real estate deal.[/b]
Two Fiji-based entrepreneurs have paid about $F300 million ($193m) for the Sheraton Fiji Resort on Denarau Island, The Westin Denarau Island Resort and Spa plus the championship Denarau Golf and Racquet Club.
The sale comes as Starwood Hotels and Resorts continues to offload its global assets. Earlier this year it sold the Sheraton on the Park in Sydney to China’s Sunshine Insurance Group for a record $463m, in a deal foreshadowed by The Australian.
Meanwhile, it is understood Starwood has negotiated long-term management agreements on its Denarau Island resort complexes with the two buyers — developer Ananth Reddy and Suresh Bhai of Fiji’s Challenge Engineering, which has extensive property interests and owns Automart, Fiji’s largest second-hand motor vehicle dealer.
For their money, Mr Reddy and Mr Bhai have acquired the 297-room beachfront Sheraton Fiji Resort, the 246-room Westin Hotel, which sports six swimming pools, and the 72 par Denarau Golf and Racquet Club.
Popular with Australian holiday-makers, the resorts are located near Nadi’s international airport.
Other operators on the man-made Denarau island, which is billed as the South Pacific’s largest integrated resort complex, include Accor’s Sofitel Fiji Resort and Spa and the Radisson Blu Resort.
It is understood the sale of the Sheraton and Westin resorts on Denarau Island was brokered by CBRE Hotels directors Wayne Bunz and Rob Cross. The agents did not return calls yesterday.
Separately, Mr Reddy, a lawyer and engineer educated in Australia, announced in April he would develop a $F70m Holiday Inn on Fiji’s Denarau Island through his development company, Avoser.
Mr Reddy could not be reached yesterday.
Apart from the Fiji and Sydney hotels, Starwood has also sold the St Regis Bal Harbour and the Westin San Francisco Airport.