Investment – Ritam Investments: Why we went into our Sheraton Tokoriki venture

$35 million renovation and conversion project finishes allowing Starwood to expand portfolio here

Hotel Business Review
Starwood Hotels & Resorts Worldwide’s global powerhouse Sheraton has expanded its resorts portfolio with the opening of Sheraton Resort & Spa, Tokoriki Island, Fiji.
The resort on Amanuca Island is owned by Fijian proprietary company, Ritam Investments Limited, part of the P Meghji Group.
The debut of Sheraton Resort & Spa, Tokoriki Island, Fiji, marks the Sheraton brand’s eighth property in the Pacific region.
It is also Starwood’s fourth operating property in Fiji, joining Sheraton Fiji Resort, Sheraton Denarau Villas and The Westin Denarau Island Resort & Spa.
“Sheraton continues to grow at a phenomenal pace by leveraging its first-mover advantage,” said Sean Hunt, Regional Vice President, Starwood Hotels & Resorts, Pacific.
“The opening of Sheraton Resort & Spa, Tokoriki Island, Fiji, not only adds another world-class property to the rapidly expanding Sheraton resorts portfolio, but also strengthens Starwood’s position in the Pacific.
“Sheraton Resort & Spa, Tokoriki Island, Fiji, will serve as a gathering place for both business and leisure travellers, where they can enjoy all of the brand’s signature amenities and services in an idyllic, beachfront location.”

A new chapter
Ritam Investments’ director, Romit Meghji, said: “We are delighted to embark on this new chapter with a leading and internationally-recognised hotel company, Starwood Hotels & Resorts.
“The Prime Minister, Rear Admiral Vorege Bainarama’s government has implemented generous investment incentives to encourage investment in the local economy.
“We are confident in the long-term security and growth of the Fijian market and trust that we will reap the rewards of this positive investment climate.
“We believe that our new venture will be a great success and a significant boost for the local economy. We have already created around 110 jobs on Tokoriki Island, 51 of which are for members of the local community.”
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