Kiribati calls for partners in hotel project

2012-06-11T12:00:00Z

The Government of the Republic of Kiribati has called for expressions of interest from the global hospitality industry to partner with it or take ownership of the remote island nation’s biggest hotel property, the Otintaai Hotel. <!--more-->

[caption id="attachment_4286" align="aligncenter" width="300" caption="The Otintaai Hotel in Tarawa, Kiribati, as seen from its forecourt"]<a href="https://pacifictradeinvest.com/PTI/wp-content/uploads/2012/12/Kiribati.1.jpg"><img class="size-full wp-image-4286" title="Kiribati.1" src="https://pacifictradeinvest.com/PTI/wp-content/uploads/2012/12/Kiribati.1.jpg" alt="" width="300" height="200" /></a>[/caption]

It has retained the International Finance Corporation (IFC), the private sector arm of the World Bank Group, as its “lead transaction advisor” to implement the project.

A projected investment of more than US$150 million in the next few years is expected in Kiribati to boost infrastructure development, resulting in significant demand for international standard accommodation to service this sector, according to a Government communiqué detailing the request for expressions of interest document.

A lack of available land for other big hotel project development means that the future of the Otintaai Hotel looks promising for investors willing to partner with the Government in the largest hotel venture in the country, which comprises 33 atolls straddling the equator. The country has an exclusive economic zone of some 2 million square kilometres.

The 40-room hotel has stunning views overlooking the aquamarine waters of the Tarawa coral atoll lagoon. It comprises two wings of accommodation, a full restaurant, bar and meeting facilities, sits on Government-held leasehold land on the water’s edge. However, the property is in need of substantial renovation and refurbishment, which the successful private sector partner would be required to undertake.

Formal bidding documents and other information relating to the Project will be issued to interested parties on February 15, 2013. The closing date for submissions of expressions of interest is 31st January 2013.

Expressions of interest and requests for further information should be addressed to Atanteora Beiatau, Permanent Secretary, Ministry of Finance and Economic Development, The Government of the Republic of Kiribati POB67, Bairiki, Tarawa, Kiribati Tel:+68621802 Fax:+68621307 Email: abeiatau@mfep.gov.ki or to Xianyong (Eric) Gao, Investment Officer, International Finance Corporation, Level 16, 14 Martin Place, Sydney, NSW 2000, Australia Tel: +61292356508 Fax: +61292356595 Cell: +61423595709 Email: xgao3@ifc.org

&nbsp;

©2018 by Pacific Trade Invest