BAKER & MCKENZIE, New Zealand firm Russel McVeagh and Munro Leys in Fiji advised the parties to the sale of Vatulele Island Resort in Fiji.
Bakers acted for the vendor Lagoon Investments Ltd and Russell McVeagh and Munro Leys for the purchaser, the Waterfront Fund.
“The investment climate in Fiji since the parties signed this deal has not been ideal, so it is great to get this deal financed and completed, and to see the Vatulele Island Resort join the Waterfront Fund’s portfolio of outstanding properties,” said lead partner on the deal Robert Williams.
Bangkok-based Six Senses Resorts & Spas will manage the resort for Waterfront. Six Senses chairman Sonu Shivdasani said Vatulele has a similar target market to resorts it runs in the Maldives, Thailand and Vietnam.
“For example, in our Maldives properties we have the philosophy of ‘No News — No Shoes’, which also applies to Vatulele”, he said.
“We therefore do not intend to make any immediate changes. In the longer-term, we will develop and upgrade some aspects of the resort, including the addition of a Six Senses Spa, which is a key element of all our properties, and put emphasis on host development.”
The vendor is maintaining an investment in Waterfront and will retain an interest in the further development of the resort site.
A team at Grant Samuel, led by Jacoline Bekker in Sydney, advised Lagoon Investments.
The resort has been rated as one of the best in the world, and caters for 19 couples serviced by 110 staff.