THE decision to acquire King Solomon Hotel by the Solomon Islands National Provident Fund (SINPF) Board and Management was described as a ‘wise one’ that would generate higher returns for SINPF members.
The Finance and Treasury Minister Manasseh Sogavare highlighted this on Friday at the official handing over of King Solomon Hotel ownership from its previous owner – the Kennedy Family – to SINPF.
“The decision of the SINPF to invest in the King Solomon Hotel is a wise one. Our very own fund, the SINPF is our country’s largest investment fund.
“The decision to acquire King Solomon Hotel and to retain its majority ownership makes perfect economic and financial sense because it invests our money in a transformational undertaking that will generate much higher returns for the SINPF members.
“This investment will achieve excellent returns for SINPF members, whilst simultaneously playing an instrumental role in helping to develop the tourism industry and broaden the economic base of our country,” the Finance and Treasury Minister said.
As of last Friday, SINPF assumed 100% ownership of King Solomon Hotel Ltd.
After the transfer of ownership, SINPF executed the joint-venture ownership model for the hotel with the O’Neil Remington Group of Papua New Guinea (PNG).
“The SINPF Board and the O’Neil Group have signed a joint-venture agreement to be the co-owners of the hotel with the SINPF Board owning 55 per-cent and the O’Neil Remington Group owning 45 per-cent of the hotel.
“This day will be remembered as the day on which the members of Solomon Islands National Provident Fund, all of us, jointly own the major share in a major hotel in our country.
“Your fund is embarking on its most ambitious journey yet to make tourism a significant contributor to our society and our economy,” Minister Sogavare added.
Minister Sogavare said King Solomon Hotel has had a long journey welcoming tourists and nationals alike over the years.
“Today, the journey continues into the future under a new ownership model and management to continue the traditions of hospitality to all that comes through its doors,” he said.
The Finance and Treasury Minister also acknowledged Peter O’Neill of Papua New Guinea, who is the owner of the joint-venture O’Neill Remington Group. O’Neil is the Member of Parliament for Ialibu-Pangia, who served as Prime Minister from 2011 to 2019.
“He (Hon O’Neil) is no stranger to Solomon Islands, the Melanesian sub-region and the broader Pacific region.
“In addition to being a successful politician in PNG and having also served as his country’s prime minister from 2011 to 2019, Hon Peter O’Neill is also a very successful businessman, owning several companies under the O’Neil Remington Group,” Minister Sogavare said.
MP O’Neil currently owns two hotels in Port Moresby, in addition to several other companies and subsidiaries.
Minister Sogavare said the SINPF Board has looked for a co-investor in this transformational development in the country and has agreed on the joint-venture with O’Neill Remington Group.
“The O’Neill Remington Group brings to the partnership years of successful hotel business development and management, a key expertise SINPF does not have.
“Hon O’Neill knows what it takes to make good investment at a country level and also how to make hotel business successful,” the Finance and Treasury Minister said.
On behalf of the O’Neill Remington Group, MP Peter O’Neill expressed gratitude to be part of this partnership.
He assured all the staff working for the hotel that they will still be part of the new management.
MP O’Neil said it has been their wish to invest in Solomon Islands.
The ceremony featured the handing over of the hotel keys by Susan Kennedy to the SINPF Chief Executive Officer (CEO) Mike Wate.
A cake was cut during the event to mark official handing over of ownership and to celebrate the joint-venture.
Minister of Culture and Tourism, Joylyn Douglas, Minister of Commerce, industry, Labour and Immigration, Harry Kuma, Secretary to Prime Minister Special Duties and Chairman of the SINPF Board, Sir Dr Jimmie Rodgers, Permanent Secretaries and the SINPF board and staff witnessed the occasion along with guests.
By Moffat Mamu
