Star Mountain Plaza project will house one of America’s biggest Hotel brands - the Hiton.
Managing Director for Mineral Resource Development Company (MRDC), Augustine Mano announced this after the media was given a tour of the project site.
The prestigious hotel will have more than 200 rooms and will be managed solely by the Hilton Group of Company.
Mano said the landowners will take 80% and the Government 20% in the project.
“MRDC has invested more than K200 million in the Star Mountain project.”
He said the major shareholder is the Petroleum Resource Kutubu (PRK) who has a 45 % share in the project as well as Ok Tedi Shareholders who have a 25 % share.
He adds that Bank South Pacific (BSP) have also invested K200 million for the backing of the project adding that the government have also approved an investment of K300 million in to the project, making them a shareholder in the project as well.
“We are happy that the Government at last has agreed to invest.”
Partnering director of Petroleum Resources Kutubu, Mark Sakai reminded critics that this is not a free gift from the Government.
“It is investing and it will be a shareholder in the development.”
Mano said, the landowners hail this partnership with the government and are confident that the Hilton will be complete by September, 2018, two months prior to APEC Summit in November.