TOURISM: PANDEY
Invests in Fijian island resort
Pandey Investments Fiji PTE Limited is now the major shareholder for the owning entity of the Sheraton Resort and Spa on Tokoriki Island, in the Mamanucas.
Pandey Investments Fiji PTE Limited, a subsidiary of New Zealand based CP Group, has completed settlement to become the major shareholder after negotiations with the former majority shareholder the Meghji Group of companies.
Following the purchase of shares by Pandey Investments, the owning entity is now made up of Pandey Investments Fiji, Fijian Holdings Limited and the Meghji Group.
SunBiz contacted Sheraton Resort and Spa,Tokoriki general manager Joakim Zetterberg and chairman of Fijian Holdings Ltd, Yogesh Karan for comments. Both parties could not be reached. Pandey Investments is the biggest name in New Zealand’s hotel groups.
The company’s presence as a resort and hotel property owner in Fiji is already established.
The C.P Group, trading under Pandey Investments (Fiji) Limited, owns 100 per cent of Novotel Resort Suva Lami Bay and was developing an $80 million hotel in Momi Bay, near Nadi, the Fiji Sun reported in 2018.
The group also owned 50 per cent of Novotel and Mecure hotels in Nadi, in a partnership with the Tappoo Group, the report said.
Strength of the industry
Pandey Investments told SunBiz they were not prepared to reveal the value of shares involved in the Sheraton Tokoriki Island investment.
Pandey Investments chief executive officer, Prakash Pandey, said: “Whilst the tourism industry, both on a local and global scale, is under immense pressure as a result of the on-going effects of COVID-19, we firmly believe in the strength of the industry and the future of Fiji. “Many would argue now is not the time to be expanding our portfolio of hotels and resorts.
“However, we have significant confidence the future is bright once we return to a level of stability”.
Tourism Fiji
Mr Pandey said: “We applaud all stakeholders within the Fijian tourism industry, particularly those in government for their foresight and support of the industry as a whole. “Organisations such as Tourism Fiji will continue to enjoy our support from an investment perspective, as we truly believe through strong partnership, together we will re-build the industry as a global leader destination.”
Pandey Investments’ share purchase followed an agreement between themselves and the Meghji Group of companies.
Meghji Group of companies chief executive officer Romit Meghji, said: “We are excited with the future of the resort, and welcome the investment made by the Pandey Group.
“Whilst we have retained a reduced shareholding within the company, we are looking forward to the expertise the Pandey Group bring to our company, from their extensive portfolio of hotels and resorts in Fiji, New Zealand, and the USA.”
Composition
Following the purchase of shares by Pandey Investments, the owning entity is now made up of Pandey Investments Fiji, Fijian Holdings Limited and the Meghji Group. Mr Pandey said: “This is our first joint venture with both Fijian Holdings Limited and the Meghji Group, and we are very proud to be in partnership.
“Both companies bring a wealth of experience via the broad scope and scale of their business portfolios within Fiji, and we are very confident together we will be in a position to support the resort, the industry as a whole, along with the community we operate within.”
Additional acquisition
“We are looking forward to further expanding our footprint in Fiji with additional acquisitions in the near future”.
Whilst the resort remains closed because of the COVID19 pandemic, the owners are working together with the hotel operator to ensure a return to international visitation, once international borders reopened.
Pandey Investments is a subsidiary company of New Zealand based CP Group.
CP Group have an extensive portfolio of hotels and resorts in Fiji, New Zealand, and the USA. Partnering with a range of international management companies including Accor, IHG, Marriott, Radisson, Wyndham, and others, CP Group operate their own Hotel Management Company CPG Hotels in both New Zealand and the USA, and recently launched New Zealand’s newest luxury hotel brand - Fable Hotels and Resorts.