Castaway

for sale

Fiji’s famous Castaway Island re sort for sale? The rumours had been rife for months—and in August, owner Dick Smith, announced that he’d received an offer of $600,000 from an Australian firm.

He’d given the firm a verbal option for three weeks, he said. He would know in a couple of weeks whether the deal would be completed.

Castaway, which occupies a 16acre site on Qalito Island, is Fiji’s most successful island resort. Mr.

Smith reports that since it opened in 1966, business has been increasing at about the rate of 100 per cent, a year.

The occupancy rate was averaging out at a highly satisfying 85 per cent, per year.

Some 12,000 visitors had stayed at the resort and about 25,000 people had been there during day trips in the cruising schooner Seaspray, which operates out of Lautoka.

Mr. Smith said six or seven buyers had shown interest in Castaway, which currently has accommodation for 66 people. There is a plan to develop it to a total of 120 beds.

The land, with its fine sand beach and scores of coconut palms, was leased from the Solevu mataqali on a 25-year basis, of which about 20 years remain. The owners have given an option, said Mr. Smith, for a further 25 years.

As well as relinquishing Castaway.

Sydney-born Mr. Smith—who, at 39,’ is believed to be one of the few with millionaire-status in Fiji—plans to sell his Stardust cruise business. He’s asking $lOO,OOO for the operation, which he began eight years ago.

The Castaway Hotel.