Real Estate Koro Sun Resort up for sale Strong growth in our tourism market expected to underpin significant interest

RACHNA LAL
SUVA
Koro Sun Resort & Rainforest Spa, situated in one of Fiji’s exclusive hotel pockets, Savusavu, has been listed for sale through CBRE Hotels and Wests Realty Fiji.
Koro Sun is being offered for sale on behalf of the US-based Young family, who bought the hotel in 1998 after visiting the area on a diving trip and falling in love with Fiji and the beauty of Savusavu. The International Expressions of Interest campaign closes on June 5.
Owner Jack Young said: “Our family has owned and operated Koro Sun for over 14 years during which time we have created lasting relationships and memories.
“We have worked hard to create something of value here in Fiji and feel that it is a great time to pass the opportunity on to future operators and investors to carry on a great legacy.”
In recent years, Mr Young and his wife Patsy are believed to want to spend more leisure time with friends and family close to home in the US.
Mr Young said they also have businesses demands spread across three continents that keep them on the go.
“With the recent completion of the New Edgewater Lagoon paired with a favourable trading environment for investors in Fiji and Savusavu, we felt it may be a good time to consider a sale,” Mr Young said.
Investment interests
Mr Young said they will be considering both local and foreign offers for the property.
“We believe that Fiji is seeing significant growth within the Asia Pacific Region and particularly within Fiji and Savusavu is a hot spot for tourism right now,” he said.
“Many of the recent investments in resort sales and new construction have come from within our islands.
“However, we do also expect interest from foreign investors with an international expression of interest campaign run by CBRE Hotels in Australia.”
CBRE Hotels Regional Director Rob Cross said Fiji has been one of the strongest performers in the Asia Pacific hospitality market over the past three to five years.
“It has experienced a surge in visitation during this period which has led to unprecedented growth in both occupancy and revenue.
“This, combined with a limited new supply pipeline, augers well for Fiji tourism and is expected to drive strong interest in the Koro Sun offering.”
Koro Sun Resort is located in close proximity to two of Fiji’s most exclusive 5 Star resorts: Jean-Michel Cousteau Fiji Island Resort and Anthony Robbins’ Namale Fiji.
Feedback: rachnal@fijisun.com.fj