Page 21 - Islands Business March 2023

Investment

Fiji Tourism Investment Summit sponsors and leaders.
INVESTING FOR TOURISM GROWTH

By Samantha Magick track those opportunities, and to say that Fiji is open for busi-
ness,” Hill added.
The rebound in Fiji tourism has again exposed a vulner- A few smaller scale investors have also signalled their inten-
ability that an upcoming tourism investment summit seeks to tion to attend the summit, including an Australian business
address; the shortage of rooms to meet projected arrivals. keen to partner with landholders to develop agritourism-relat-
Citing Fiji Airways’ forecasts and new route plans, plus ed accommodation, and others looking at tourism experiences
other independent assessments of arrivals, Tourism Fiji’s Chief such as a large-scale children’s playgrounds and opportunities
Executive Officer, Brent Hill notes, “We’re probably some- in maritime transport.
where between 4-5000 rooms short.” Chetty says they have also encouraged landowners to at-
Hill says there are close to “half-a-billion dollars worth tend.
of projects alone that are close to kicking off very soon in “We put an expression of interest out with IFC [Internation-
Denarau and the Yasawas, but when we look at the pipeline, al Finance Corporation] recently, where we invited landown-
[we’re] very much anticipating that demand will outstrip sup- ers around the country [with] projects that are ready… that
ply.” are looking for investors,” says Chetty, adding those landown-
The tourism investment summit scheduled for March ers will have an opportunity to talk about their projects with
30-April 1 in Nadi will bring 40-50 delegates to hear about investors at the forum.
opportunities in the sector, and incentives available to foreign Hill says there has been “incredible growth” in the sector,
investors. with expectations of between 750,000-plus arrivals this year.
“Investors love to come in when things are booming, be- Fiji Airways says it will carry about a million passengers this
cause they can see that [when] they put a product in there, year, and is looking to operate to more ports in Asia and the
it’s going to be full,” Hill notes. US.
The sale of Six Senses Fiji last year certainly seemed to On Viti Levu, existing projects underway include refurbish-
bear that out, with Domain reporting that the sales campaign ment of the Westin on Denarau, the Pullman Hotel at Wailoal-
“elicited 150 serious inquiries and 10 groups submitting formal oa and Wananavu Resort near Rakiraki.
expressions of interest. It showed Nick Thompson, vice presi- Hill believes there are huge opportunities in less visited
dent for JLL’s Hotels & Hospitality Group, who handled the destinations such as Taveuni and Savusavu.
sale, exactly how strong demand was for Fijian assets.” “We’re starting to see expansion right across the Fiji Is-
While private equity, public investors, brokers, real estate lands. And that’s the key for me, I really want to see tourism
agents and acquisition managers from major hotel compa- benefit as many people as possible,” Hill said.
nies such as Marriott, Hilton, Accor and IHG have confirmed “If we have tourism investment coming in, that’s more
attendance, the summit is not only for foreign investors, says opportunities in construction, it’s more opportunities for
Investment Fiji CEO, Kamal Chetty. laundromats and mechanics and all the businesses that sit
“We will also have domestic investors. So that will allow alongside and support tourism. And a lot of these businesses
them to network with foreign investors and so we can see, also want to set up some sort of presence in Fiji as well,” Hill
potentially the partnerships can be done,” Chetty says. concludes.
“This summit is about bringing together an intimate group
of key investors and hotel brands to really talk about, and fast editor@islandsbusiness.com

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