Moresby Travelodge nears completion
p. 75 · Read in the full issue
The seven shareholders in Papua New Guinea’s biggest hotel development project saw their $lO 000 000 invest ment enter its final phase at a November ceremony in Port
Moresby.
The Deputy Prime Minister, Mr Chan, trowelled the last pouring of concrete on the tenth floor roof of the hotel. The fitting out of the building, which is in the centre of Port Moresby, is to be completed before a plann ed opening in July.
The project is a
Travelodge Australia
development, but substantial PNG shareholding had to be negotiated before the govern ment gave the go-ahead.
The Travelodge develop ment has a real PNG shareholding of 47.8%. This comes from the government itself and from two statutory investment groups the PNG Investment Corporation and the Public Officers Superan nuation Board.
The remaining sharehold ing is distributed between the Travelodge interest (through a local subsidiary), Mitsubishi Australia, Burns Philp (New Guinea) Ltd, and CDFCA
(Ng) Pty Ltd. Cdfca (Ng)
is the local subsidiary of the Commonwealth Development Finance Company, tracing through Australia to UK in terests.