Sheraton Resort & Spa, Tokoriki Island, Fiji Announces Additional Ownership Partner

Sheraton Resort & Spa, Tokoriki Island, Fiji Announces Additional Ownership Partner

Marriott Fiji Resorts 20 November 2020 – The recently acquired sale and purchase agreement by Pandey Investments (Fiji) Limited, a subsidiary of C.P Group New Zealand expand on a strong partnership between Fiji Holdings Limited and P Meghji Trading PTE Ltd.

Marriott International announced Pandey Investments (Fiji) as a major additional shareholder of Sheraton Resort & Spa, Tokoriki Island. The recent acquired purchase and sale agreement by Pandey Investments (Fiji) Limited, a subsidiary of C.P Group New Zealand expands on a strong partnership between Fiji Holdings Limited and P Meghji Trading PTE Ltd.
C.P Group, trading under Pandey Investments (Fiji) Limited have been involved in the Hospitality and Tourism Industry in Fiji since 2003 however the shared sale of Sheraton Resort & Spa, Tokoriki Island welcomes its first partnership with Fiji Holdings Limited, P Meghji Trading PTE Ltd and Marriott International, expanding its hospitality portfolio across Fiji, New Zealand and the United States of America.

“We are incredibly proud to be entering into this new venture with our partners Fiji Holdings and the P Meghji Group. Our growth in Fiji has been built on strategic asset acquisition underpinned by our partnerships with long-standing business leaders and this new partnership once again reflects this. Working with hotel groups such as Marriott International gives us the confidence to invest into the Fiji Tourism Industry, even during the current times of uncertainty our industry is experiencing,” says Mr Prakash Pandey, CEO – Pandey Investments (Fiji) Limited.

Marriott International encompasses a portfolio of more than 7,400 properties under 30 leading brands spanning 134 countries and territories. With Pandey Investments Fiji on-board and becoming the major shareholder for Sheraton Resort & Spa, Tokoriki Island, the newly formed enterprise is the beginning of an exciting era for Marriott International to have three local proprietary companies under ownership especially during such perplexing times. Company Executive Director for P Meghji Trading PTE Ltd., Mr Romit Parshottam Meghji says it is a great sign to have investors continuing to venture into the hotel business.

“We are excited to welcome Pandey Investments (Fiji) Limited as one of our owners and are thankful for our ongoing relationship with Fiji Holdings Limited and P Meghji Trading PTE Ltd,” says Neeraj Chadha, Multi-Property Vice President, Fiji & Samoa – Marriott International and General Manager – Sheraton & Westin Resorts, Fiji.

Sheraton Resort & Spa, Tokoriki Island is situated on a 35-acre beachfront property in the southwestern corner of Tokoriki Island, the northernmost island within Fiji’s Mamanuca group. Guests can reach the island via a 12-minute helicopter flight from Nadi or a one-hour boat ride. The resort offers 101 guestrooms and suites, including 30 Tokoriki Retreats with private plunge pools. Additionally, the resort offers 14 Beachfront Rooms, 14 Ocean Breeze Rooms, 18 Ocean View Rooms, seven Family Suites and 18 Island Breeze rooms. All guestrooms have been fully renovated and outfitted with the brand’s Sheraton Sweet Sleeper bed, high-speed Internet and 40-in. flat-screen televisions.

“The restoration of the tourism sectors remain critical for the group performance as the trickledown effect in other business sectors is largely related to tourism. We are looking forward to working with Pandey Investments (Fiji) Limited, as this is a promising development for the sustainability of the group and industry during these challenging times,” says Mr Yogesh Karan, Acting Chairman of Fiji Holdings Limited.

C.P Group, trading under Pandey Investments (Fiji) Limited have stated they will continue to look for opportunities within Fiji and abroad and have plans to continue its path to support the recovery of the Fijian Tourism Industry, working with local partners and those involved within the tourism industry.