$30m hotel for Suva
IN all my years of promoting Fiji and its attractions for business, I have never witnessed a level of corporate commitment and interest to match what we are experiencing at present, said the late former prime minister, Ratu Sir Kamisese Mara, during the groundbreaking ceremony for the $30m Suva Sheraton hotel that was to be built on Suva’s reclaimed foreshore in 1989.
According to an article in on December 1, 1988, the luxury hotel was to be a joint venture involving the government, the Fiji Development Bank and Sheraton Corporation.
The government and the bank each held $4million worth of equity in International Hotels of Fiji Ltd, the hotels’ owning company, while financing for the hotel would come from the Fiji National Provident Fund.
Ratu Mara said the magnitude of the investments could overshadow the Monasavu hydro-electric scheme which held the record for capital expenditure on a single project.
“The jobs came with investments and according to latest reports, several hundred workers could be recruited for one venture alone by March or April with the peak workforce on this venture reaching about 2000,” he said.
“All this investor interest is an impressive vote of confidence in our country and we in government wish to assure all those responsible companies who see a profitable return here that their confidence is not misplaced” he added.
The late prime minister then said through its support for the Suva Sheraton, the government would give a boost to the job market and strengthen and diversify the tourism industry.
According to the article, $30million was to be given by the government to the hotel over two years in the belief that it would be repaid in social and economic dividends to the country with more than 500 workers to be employed in the construction of the Suva Sheraton.
“When the Suva Sheraton is finished, it will be a provider of permanent positions for 250 or more people – with its economic multiplier effect creating income opportunities for many others.”
He said government’s investment in the Sheraton was part of a strategy for dealing with specific economic problems and would remain committed to fostering the growth of a strong and economically productive private sector.
The major project, he said, was a demonstration of the government’s willingness to lead the way in building confidence and to take advantage of the investment climate that was being sold to the outside world and to local entrepreneurs.