Hotel stocks are on the rise

(KCH) is teaming up with Hong Kong property developer Shin Kong Pacific Investments.

The plans include a convention centre, gym, spa, restaurants and shops.

While a site has yet to be announced, one option is waterfront land vacated once the relocation of the capital’s port to Motukea Island has been completed.

Port Moresby’s newest hotel, the Stanley, opened recently in central Waigani, with 429 rooms. General manager Geoff Haigh says the centrepiece of the hotel is its function space, which can cater for a plenary conference up to 1000 people and a sit-down dinner for 1200.

It has more than doubled the conference capacity of the city, he believes.

In addition, the National Convention Centre in Waigani, with its 700-seat auditorium, was opened earlier this year.

Haigh says Port Moresby can now develop as a regional conference centre, attracting large conferences, which would otherwise go to New Zealand or Australia.

The events prompting these developments include the 2015 Pacific Games, the FIFA Under 20 Women’s World Cup in November, the Rugby League World Cup in 2017 and several APEC-related events in the leadup to the main leaders’ summit in November 2018.

Greater competition in the hotel sector is also driving investment in upgraded facilities.

The Lamana Hotel recently completed major renovations, including impressive new food and beverage venues, while Airways has revamped its signature Vue restaurant. Coral Seas has spent PGK7 million upgrading its 97-room Ela Beach Hotel. It is also spending PGK25 million on new dining facilities at Gateway Hotel. ■