Maraia vula
Suva
Mulchand Patel. Photo: Rama
Capricorn Apartment Hotel is on sale.
Capricorn Hotels Fiji managing director Mulchand Patel said he was selling the hotel following the desire to retire after 35 years of operating it.
“I bought this hotel 35 years back from Stinson Pearce and Storck family and I enjoyed running it. The hotel is valued (currently) around $8 million.”
The hotel caters for 25 studio apartments, four-one bedroom apartments, five-two bedroom apartments and a conference hall.
However Mr Patel said: “We are not selling the Capricorn International hotel Nadi because we have a good management operating it.
“My son who is a pilot, Captain Mukesh Patel, has asked me to stay with him at his residence in Denarau so I will have time to oversee the sister hotel in Nadi.”
New Investment
The Ba man is already investing in another potential 24-apartment project worth approximately $7 million at Robertson Road, Suva.
Mr Patel noted his only son was very much interested in the new investment.
“We have made all the plans with the architects and engineers as soon as everything is passed we will begin works to build the apartments,” he said.
“There are demands for flats. My target market is only top people who come from overseas who would be staying for two or three years in Fiji.
“The price range for the apartment depends on the how it is built. If it’s a one, two or three bedroom apartment the prices would vary so we will decide after the building is completed.”
The new apartment complex will take one year to construct and will create employment for more than 10 people.
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