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Yatu Lau Explores Options For Lagoon Resort Sale

Despite putting the Lagoon Resort in Pacific Harbor on the market for some time now, the Yatu Lau Company Limited continues to explore what they can do with the property.
05 Nov 2014 11:38
Yatu Lau Explores Options For Lagoon Resort Sale

Despite putting the Lagoon Resort in Pacific Harbor on the market for some time now, the Yatu Lau Company Limited continues to explore what they can do with the property.

The company’s Corporate Relationship Services manager, Tomi Finau, said the hotel, which was selling for FJ$6 million, has had some offers but they are still looking for the right buyer.

“A few ideas have come into mind and we are still working on those finer things,” he said.

“We are open to a joint venture but we’ve never closed the hotel down and we’ve continued to bear operating it at whatever capacity as it is,” he said.

Mr Finau said the company had done an evaluation on all its 14 properties to see those that were performing and those that were not and decided to put the hotel on the market.

“As custodians of our shareholders, decisions are made on a business level. So in that case, the board decided to put the hotel on the market,” he said.

“The Lagoon Resort has been on the market for quite some time, we’ve had quite a number of offers, still we have to get our shareholder value back and we are looking for the right buyer,” Mr Finau said.

He said the challenge was the location of the hotel because it was located away from the beach.

“However, it has its unique opportunities. It’s a good and big property beside a lake and away from any disturbance. It has some unique potential, competitive in its own way,” Mr Finau said.

He said the company owned and operated quite a number of properties and investments that also demands their attention which came with its challenges.

“Yatu Lau has 14 properties – there are four hotels, Studio 6, Lagoon Resort, Tsulu Bunk House at Arts Village and Kontiki Hotel in Votualevu, Nadi,” he said.

“We have commercial properties on rental to government and the private sector. We also operate private residential properties.

Feedback: ana.sovaraki@fijisun.com.fj

 

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