By: Dionisia Tabureguci
The Fiji National Provident Fund (FNPF) spent F$26 million (US$11 milion) refurbishing its Sheraton and Westin properties in Denarau Nadi for the Asian Development Bank Governor’s meeting held there in May this year.
This was revealed by the fund in its quarterly newsletter to members released in Suva today.
FNPF’s chief investment officer Viliame Vodonaivalu said the refurbishment was part of a planned upgrade when it bought the two properties in May 2018 for approximately US$131 million. For the ADB event, the refurbishment work helped establish Fiji’s status in the MICE (Meetings, Incentives, Conventions and Exhibitions) segment of the global tourism industry.
“The ADB meeting was good publicity for our hotel properties, Sheraton/Westin and Intercontinental, and Fiji tourism as a whole to host MICE in the off peak tourist season,” he added.
With over 3,000 delegates in attendance at the ADB event, Vodonaivalu said the meeting would positively impact returns.
The refurbishment involved a total makeover of meeting facilities, construction of new breakout meeting rooms and a new satellite kitchen.
FNPF, a pension fund for Fijian workers, has over 379,000 members and an investment portfolio of over F$6 billion.
It recently declared a 6.75 percent interest return for its members for the financial year ending June 30, 2019.