The famous Paga Hill in Port Moresby is set to transform the fast changing face of Port Moresby’s Central Business District as major works will begin soon to build an international Radisson Blu – branded hotel.
Today's announcement was made of the partnership between Radisson Blu and Paga Hill Development Company.
Minister for International Trade and Investment Richard Maru welcomed this announcement as it aligns with the government’s plans to develop special economic zones that Paga Hill is part of.
“Radisson Blu is the largest hotel chain in Europe and China and the second largest worldwide. It is one of the largest and fastest-growing global hotel groups with a strong reputation and distribution across key source markets in China, India, the United States and Europe, and its world-class investment in Port Moresby will be the apex of Paga Hill Special Economic Zone,” said Minister Maru.
Detailed designs have been prepared for a sprawling hotel precinct atop Paga Hill. In a landmark development that will re-establish Paga Hill’s former profile, the hotel precinct will feature a boutique hotel with 229 rooms, as well as 38 serviced apartments and 20 luxury villas that access premium hotel amenities of infinity pools, restaurants and bars, executive lounge, gym, and health spa.
The development will also feature boutique retail outlets, several long-stay and permanent residential apartments, and Port Moresby’s largest conference and event facilities, leveraging spectacular panoramic views over the harbor and out to sea.
Minister Maru thanked the investors for their confidence in investing in this landmark K700 million hotel development in Port Moresby, which will take two years to build starting in June 2024.
“You are not making a mistake to invest in Papua New Guinea. You are following on the backs of some of the world’s global leaders in the mining and petroleum sector, like Newmont, Exxon Mobil and Total. In the agriculture space, we have Wilmar International Limited, one of the world’s leading agriculture companies, in fact, the largest and most integrated leading agribusiness group in the Asia-Pacific Region who are already investing in Papua New Guinea and want to invest more in partnership with the Government of Papua New Guinea. You will also join an interesting family of world leaders in the hotel and hospitality industry. We already have Coral Seas, Crown Plaza, Holiday Inn and Hilton. Radisson Blu will be an icing on the cake,” said Minister Maru.
Minister Maru said this was timely. Prime Minister James Marape recently announced the Government’s forecast for substantial economic growth, forecasting PNG’s GDP to grow to K120 billion in 2024 and a further surge to K200 billion by 2030, propelled by six major resource projects. These projects include the Porgera Mine, Wafi-Golpu Mine, Papua LNG, P’nyang LNG, Pasca LNG, and an exciting new gas field discovered by Exxon Mobil in the Eastern Papuan Fold Belt.
“This will mean sustained economic growth on an average of 5 percent for over 20 to 30 years starting next year when Porgera Mine and Papua LNG commences, and the demand for hotels, apartments, and world-class accommodation will go through the roof,” said Minister Maru.