The most renowned resort and casino complex on Vanuatu is up for sale. Pacific Advisory has placed the Holiday Inn Resort and Casino complex on the market.
Vendors for the resort and casino, South West Pacific Investments, have chosen to divest ownership in the land and buildings. IHG will continue to manage the property according to a release by Pacific Advisory. No valuation of the property was provided. In a statement, Glen Craig, the managing partner of Pacific Advisory, explained:
“We are honored to act for the vendors as exclusive advisors on this transaction. We infrequently have opportunities for investors to buy a large profitable resort in the South Pacific so this represents a rare opportunity. It has a significant upside with much of the 18.5 hectares ideal for future development. The operating casino is a large attraction as well for those investors wishing to target the growing gaming market.”
The resort is a 157 room facility set on an 18.5 hectare of waterfront property. It also contains 10 waterfront bungalows, two swimming pools that were recently upgraded, a nine-hole golf course, two restaurants, two tennis courts, a café, and several bars. Also included is a day spa and a casino on the site.
The property has long been a showcase piece. It boasts a connected private island that provides seclusion but still allows guests to be able to venture into the community to shop and do some sightseeing.
There are very few places left in the pacific that can be described as an “investor’s paradise,” and Vanuta is one such location. It is not crowded by the tourist industry to this point, and a stable government and low tax rates make it ideal to draw both businesses and tourists alike.
The airport at Port Vila is serviced by six major international airlines, with flights coming directly from locations such as Australia, New Zealand, Fiji, and the Solomon Islands. The government has worked with airline carriers to ensure that access to the area is easy, and this has resulted in growing tourist industry.
Added to it is the fact that it is the perfect location for both Asian, American, and European visitors. This truly appears to be a gold mine, leaving some wondering why the move is being made. No additional information was provided to explain the decision to sell.