Marriott International has sold two major hotel and hospitality assets in Fiji to the Fiji National Provident Fund (FNPF). The US$131 million transaction is Fiji’s largest ever hotel deal.
The five-star 300-room Sheraton Fiji Resort, the next door 276-room Westin Denarau Island Resort & Spa and the 110-hectare Denarau Golf & Racquet Club, are prime locations within Denarau Island, Fiji’s top holiday destination, according to international law firm Withers which represented Marriott in the sale.
Marriott will remain as the operator of the assets under long-term management agreements.
Robert Williams, Asia-Pacific leader of Withers’ hotels and hospitality team, said: “This is a significant deal for Marriott International, FNPF and the Fiji tourism sector, involving prime assets on the popular Denarau Island. The transaction further deepens Marriott’s partnership with FNPF, which already owns the Fiji Marriott Resort Momi Bay.”
Withers represents leading owners and operators within the hotels and hospitality sector. The team specialises in acquisitions and sales of hotels and resorts, mixed-use hotel projects, negotiating hotel management, franchising and leasing deals, operating platform M&A transactions, and providing capital raising, fund structuring and vacation ownership advice.