An Australian company, Resorts and Property International Limited (RPI), has been given the go ahead to develop two 200-room hotels at Yaqara.
In the arrangement, RPI would secure a 25% interest in Yaqara Group Limited and sublease two waterfront sites for development of the two hotels at Yaqara Studio City.
The company intends to build a 5-star Ivana Souht Pacific resort and a 3- or 4-star Ivana brand resort.
RPI's stake in the Yaqara Group would total F$6.76 million, made up of F$4.05 million cash and F$2.71 million shares.
The construction of the two hotels will commence in 2009.
Yaqara is located at the Ra Province on Viti Levu, near Rakiraki.
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