for $78.25m
pp. 27-30 · Read in the full issue
Randall looks for $78.25m
AUSTRALIAN investor Randall Pacific Ltd has released details of its plans for two major projects in the Cook Islands. It will raise a total of NZ578.25 million (U 5546.55) over three years to redevelop the Rarotongan Hotel, build a new resort on Aitutaki and a sports and residential complex at Avarua.
The company’s decision to move into the Cooks was reported in last month’s Pacific Islands Monthly, but the com pany has since filed details of the pro jects with the Australian Stock Exchange.
Randall Pacific will have 51 per cent of the new joint venture company, the balance being held by the Cook Islands Government. The government will be paid NZ52.63 million (US$l.55 million) for the Rarotongan Hotel Co Ltd which is the current operator of that hotel as well as the owner of other land to be used as part of the redevelopment plan.
In return, the Randall Pacific has en tered an undertaking to refurbish the Rarotongan to three-star standard and redevelop the Aitutaki Lagoon Resort to international five-star standard.
The first stage will be the Rarotongan work. The hotel was the first major one in the Cook Islands and has 151 rooms, as well as conference space and res taurants. The second phase under the company’s agreement with the Govern ment will include the replacement of the existing Aitutaki Lagoon Resort and its present 25 bures with an international five-star resort complete with 120 bure suites, six-hole golf course and other facilities. Aitutaki is 225 km north of Rarotonga, and has a large lagoon fring ed with islets. The bures will be built around the lagoon with sports facilities being located on the main island.
The third stage of the project is the development of land next to the prop osed Sheraton International resort on Rarotonga to international standard, 18hole golf course and clubhouse, with ten nis courts, gymnasium and a 180-lot re sidential area. International operators will be sought for each of the three pro jects.
Meanwhile, the Government is to re negotiate the repayment terms of a loan for the NZ$5l.7 million (U 5530.76 mil lion) for the Sheraton Hotel. Henry is to travel to see the Italian bank, Icle, and will seek new terms because work on the hotel is starting 18 months later than originally scheduled. The Prime Minister said preliminary talks had indicated then an accommodation was possible. □
Asaeli Lave
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